The U.S economy added 531,000 jobs in October marking the long-struggling labor market's best monthly showing since July.
The U.S. added back a better-than-expected 531,000 jobs in October—marking the long-struggling labor market's best monthly showing since July in a sign the recent pandemic-sparked lull in employment could finally be on the mend.October’s new job gains were greater than the 450,000 new jobs expected by economists, according to dataIn another promising sign for employment, the Labor Department increased its growth estimates for the months of September and August by 235,000 jobs combined.
The unemployment rate clocked in at 4.6%, compared to 4.8% in September—hitting its lowest point in more than a year but still well above pre-pandemic levels of about 3.5%. Despite the better-than-expected jobs data, the number of unemployed people in the United States fell only slightly from 7.7 million in September to about 7.4 million, which is still markedly higher than 5 million in February 2020, the government said.
Additionally, the labor force participation rate, which measures the percentage of workers who are employed or actively seeking employment, stayed flat at 61.6% and has barely budged since June 2020—likely reflecting the record-high levels of individuals quitting their jobs, Bankrate analyst Mark Hamrick said in a Friday note.
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