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U.S added 531,000 jobs in October, unemployment rate declines
By Ishika Dangayach - Nov 05, 2021, 06:43 PM ET
Last Updated - Jul 18, 2023, 06:02 PM EDT
Employers created jobs rapidly in October, and the unemployment rate fell considerably as the economy recovered from the COVID-19 delta variant wave.
The Labor Department said Friday that nonfarm payrolls in the United States increased by 531,000 seasonally adjusted jobs in October, up from 312,000 in September, revised from 194,000.
The jobless rate decreased to 4.6% in October from 4.8% in September. Last month, the number of Americans working or looking for employment increased, as did the average hourly pay in the U.S.
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WSJ stated that the rate has dropped by more than half a percentage point in only two months, owing in part to low labor-force participation while millions of people stay unemployed.
The average hourly wage also rose more than predicted, by 0.4 % for the month, and is up 4.9 % from the last year.
The labor force increased by 104,000 persons in October, completely attributable to a rise in female employees. Men's participation has declined, WSJ reported.
Last month's payroll growth was led by a 164,000 boost in leisure and hospitality. Professional and business services created 100,000 jobs.
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Factory employment increased by 60,000 in October while Transportation and warehousing jobs climbed by 54,400.
Retail jobs increased by 35,300. The number of construction employment grew by 44,000.
Job growth in transportation and factory employment may assist in alleviating supply chain bottlenecks.
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