October Jobs Report: America Adds 531,000 Jobs to Economy in October | Today Headlines
October Jobs Report: America Adds 531,000 Jobs to Economy in October
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The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020.
The US economy gained jobs across the board last month, with recreation and hospitality, manufacturing and transportation and warehousing leading the job gains. The leisure and hospitality sector was hit hardest during the pandemic recession, and 1.4 million jobs are still lacking at their pre-pandemic level.
October’s jobs report marks a turning point after two months of slow job gains slowed by rising coronavirus cases as the Delta variant raged across the world.
“It’s the kind of recovery we can get when we’re not sidelined by an increase in Covid cases,” said Nick Bunker, director of economic research at Indeed.
“The job market is not yet fully recovered from the coronavirus-induced recession. But today’s report is a sign that the recovery may be closer than many thought,” he said. declared.
The nation has come a long way since the peak of the pandemic. More than 18 million jobs have been created since the recovery began, still leaving America short of 4.2 million jobs compared to February 2020.
And the late summer months weren’t as bad as they initially looked: The Labor Department revised the August and September reports up to 235,000 jobs combined. The US economy created 795,000 jobs in August and September, which is not bad for a so-called lull.
People on the sidelines
That said, there are still millions of people on the fringes of this tight labor market, unable to re-enter the workforce due to family responsibilities or fears of contracting the virus.
The number of people who were not in the labor force but wanted jobs stood at 6 million last month, almost a million more than before the pandemic. The number of people who said the pandemic prevented them from looking for work in October fell to 1.3 million from 1.6 million in September.
The U.S. workforce participation rate stood at 61.6% in October, still 1.7 percentage points ahead of February 2020 level.
Earlier this week, Federal Reserve Chairman Jerome Powell noted that the turnout was a key point for the central bank’s assessment of the health of the recovering job market and that it was still too low.
Although the recovery has accelerated, it remains uneven: The decline in the unemployment rate has been led by job gains for men, especially white and Hispanic workers.
Overall unemployment rates for blacks and Asians and workers remained unchanged last month.
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