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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