Monday, December 6, 2021

US economy added 531,000 jobs in October

According to the US Department of Labor, the US economy created 531,000 jobs in October, more than 450,000 economists had estimated.

The unemployment rate also fell slightly from 4.8% to 4.6%, the lowest since the pandemic hit. The unemployment rate stood at 3.5% in February 2020, a historic low.

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The number of jobs for August and September was also revised upwards.

President Joe Biden comments on the October jobs report from the State Dining Room of the White House, November 5, 2021.

Celebrating a better-than-expected report, President Joe Biden called it “another great day for our economic recovery” during comments on the jobs report at the White House on Friday.

Most of the employment gains were in the leisure and hospitality, professional and business services, manufacturing, and transportation and warehousing sectors.

“Overall, this was a really positive jobs report, but leaves some questions about the structure of the labor market for the Fed,” said Megan Green, global chief economist at advisory firm Kroll Institute and a senior fellow at Harvard Kennedy School. ” ABC News.

However, the jobs report wasn’t all good news.

Labor participation, the number of people working or actively seeking jobs, was down 61.6%, and only 104,000 new people joined the workforce in October.

Disappointing labor participation rates have remained fairly stable over the past year at the lowest levels seen since the early 1970s.

Businesses have tried to bring back workers by raising wages or offering bonuses, but much of those benefits have been offset by rising prices for food, gas and rent.


This article is republished from – Voa News – Read the – original article.

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