U.S. Economy Adds 531,000 Jobs In October As Hiring Accelerates

The U.S. economy added 531,000 jobs in October, as the unemployment rate fell to 4.6%, a rebound from lackluster numbers over the late summer.

The numbers were good news for Joe Biden’s administration, which had expected a booming economy by this point. But the uptick in Covid-19 cases due to the Delta variant slowed economic growth, and many companies put off plans for a full return to the workplace.

Biden is expected to address the jobs report later on Friday. White House Deputy Press Secretary Karine Jean-Pierre touted progress on jobs at the briefing on Thursday.

The labor force participation rate remained unchanged, at 61.6%.

The Labor Department pointed to significant job gains in leisure and hospitality, professional and business services, transportation and warehousing.

The job gains were ahead of analysts’ expectations, a turnaround from recent months, when the employment reports triggered angst that the economy was slowing. The Labor Department revised upward the job gains from September, to 312,000.

More to come.

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