JUST IN: US Economy Adds 531,000 Jobs in October
The U.S. economy added 531,000 jobs in October as the unemployment rate decreased to 4.6 percent from 4.8 percent the previous month, announced the Department of Labor on Friday.
The number of jobs added in October increased by 219,000 from the previous month.
The United States “has recovered around 80 percent of jobs lost during the coronavirus pandemic,” according to Washington Post economics correspondent Heather Long.
BREAKING: US economy added back 531,000 jobs in October – beating expectations and a big rebound from September.
Unemployment rate falls to 4.6 (down from 6.3% in Jan.)
**The US has recovered ~80% of jobs lost during the pandemic**
— Heather Long (@byHeatherLong) November 5, 2021
“Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month,” according to the Labor Department.
Additionally, according to the Department of Labor:
In October, 3.8 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic—that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is down from 5.0 million in September. Among those who reported in October that they were unable to work because of pandemic-related closures or lost business, 13.3 percent received at least some pay from their employer for the hours not worked, little changed from the prior month.
Among those not in the labor force in October, 1.3 million persons were prevented from looking for work due to the pandemic. This measure is down from 1.6 million in September. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.)
Watch above, via CNN.
