October Jobs Report = +531,000

This morning, the government said the U.S. economy created 531,000 net new jobs last month. Wall Street had been expecting a gain of 450,000 jobs. August was revised higher by 117,000 and September was revised up by 235,000.

The unemployment rate fell to 4.6%. The unemployment rate is lower now than it was in every single month from 1971 through 1997.

Breaking down the numbers, private payrolls rose by 604,000. Manufacturing added 60,000 jobs. Government lost 73,000 jobs. Leisure and hospitality added 164,000.

Average hourly earnings rose by 0.4%. In the last year, it’s up by 4.9%. The workforce participation rate was 61.6%. The broader U-6 rate was 8.3%.

Posted by on November 5th, 2021 at 8:35 am


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