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Nonfarm Payrolls Up 531,000 to Bring Unemployment Rate to Pandemic-Low

November 5, 2021 by Forex Winner Leave a Comment

Nonfarm Payrolls Up 531,000 to Bring Unemployment Rate to Pandemic-Low

Source: Bureau of Labor Statistics

Nonfarm payrolls jumped by over half a million in October, bringing the unemployment rate to its lowest level since the COVID-19 pandemic hit.

  • Total nonfarm payroll employment grew by 531,000 in October, bringing the monthly growth average to 582,000.
  • Nonfarm employment has grown by 18.2 million so far but remains 4.2 million or 2.8% lower than pre-pandemic levels.
  • Growth was driven by employment in leisure and hospitality which increased by 164,000, with increases seen in food services and drinking places, and accommodation.
  • This was followed by professional and business services, manufacturing, transportation and warehousing, construction employment, and healthcare.
  • The unemployment rate slipped to 4.6%, the lowest level seen since the COVID-19 pandemic hit.
  • Unemployed individuals hit 7.4 million, including 2.1 million permanent job losers and 1.1 million on temporary layoff.

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