October Jobs Report Blows Away Expectations With 531,000 New Jobs

The US economy added 531,000 jobs in October in a massive rebound from a late summer hiring slump, The New York Times reports.

The Labor Department’s latest numbers are well above the 450,000 jobs economists predicted last month.

The unemployment rate also dipped down in October from 4.8 percent to 4.6 percent.

"America is getting back to work," President Joe Biden told reporters at the White House. "Our economy is starting to work for more Americans."

Some of the biggest gains came in the bar and restaurant industry, which added 119,000 workers last month, as well as factories and warehouses.

But even with the gains, the economy is still 4.2 million jobs below where it was before the pandemic began.

And industries are still grappling with a worker shortage. There are an estimated 10 million unfilled job openings in the US.

Earlier numbers revised upward:

The down numbers in August and September sparked media panic but the latest report also revised numbers for those months.

The earlier August report said that 235,000 new jobs were added that month but the Labor Department this week revised that figure up to 483,000.

September’s job report, which showed 194,000 jobs added, was revised to 312,000.

Ending unemployment benefits didn’t work:

Despite the improved jobs economy, the labor participation rate effectively stayed flat since the pandemic began.

Some DC lawmakers hoped that cutting off enhanced federal unemployment benefits would boost hiring but health concerns and child care issues have kept millions of workers at home.

Biden credited vaccine requirements for boosting the workforce and expressed optimism that vaccine availability for kids between 5 and 11 will send more parents back into the labor market.

"That's good for our health, but it's also good for our economy," Biden said. "Now vaccinated workers are going back to work. Vaccinated shoppers are going back to stores. And with the launch of the vaccine for kids ages 5-11 this week, we can make sure more vaccinated children can stay in school."

 

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