US Added 531,000 Jobs in October

by Wall Street Rebel | Michael London | 11/05/2021 9:38 AM
US Added 531,000 Jobs in October

Following the publication of the Department of Labor's jobs report for October, it was revealed that the United States economy generated 531,000 new jobs last month, bringing the unemployment rate down to 4.6 percent.

 

According to figures issued Friday by the Labor Department, the United States created 531,000 jobs in October. The unemployment rate fell 0.2 percentage points to 4.6 percent, as the economy recovered from a summer increase in COVID-19.

The employment report for October revealed that the labor market had rebounded after the appearance of the delta coronavirus strain in July, outperforming experts' predictions.

Analysts predicted that the United States would add around 450,000 jobs last month. The unemployment rate would fall to 4.7 percent.

Last month, labor force participation remained unchanged at 61.6 percent, a figure still 1.7 percentage points below its pre-pandemic high.

Despite this, the number of individuals who could not work because COVID-19 restricted their employment decreased from 5 million last month. The number of people who were stopped from seeking work due to the pandemic decreased by 300,000 to 1.3 million.

Wages have also risen by 4.9 percent in the year since last October, with the average hourly wage increasing by 11 cents to $30.96 on a typical day.

After falling well short of forecasts in July and August, policymakers and analysts expected that employment growth would pick up speed in the third month of the year.

Because of the beginning of the delta surge around the middle of the summer, a labor market that had added more than 1 million employees in June was put on hold. Still, when cases started to decrease in September, there was renewed confidence for better October employment growth.

A wide range of positions was created throughout the economy in the United States, with the hard-hit leisure and hospitality industry accounting for the majority of the gains with 164,000 new employees.

Jobs in professional and commercial services increased by 100,000, while manufacturing gained 60,000, and transportation and warehousing added 54,000, respectively.

In October, only public education saw employment losses. Still, federal officials and economists have cautioned that the epidemic has made school hiring patterns more unpredictable and erratic.

In addition, the report featured significant adjustments to the weak growth in August and September, with 117,000 jobs being added to August's gains of 366,000 and 118,000 jobs being added to September's gains of 194,000.

Over two months, the adjustments created a total of 225,000 new employment.

The publication of the October employment data comes at a critical time for President Biden and Democrats, who are hoping to secure essential pillars of his economic strategy in the House of Representatives before the holiday season begins in November.

In the wake of Republican candidates outperforming predictions in races around the country on Tuesday, the president and his party are working to win back popular support for themselves.

The slowing in employment growth and the increase in inflation caused by the delta effect have posed tough political barriers for Biden.

In addition, increasing inflation has fueled anxieties among some moderate Democrats, prompting Republicans to blame the economic slowdown on Biden and the Democratic agenda.

 

                       October jobs report: 531,000 jobs added vs. 450,000 estimate

 

 

 

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