The U.S. added 531,000 new payrolls in October, according to today’s monthly job report numbers from the Bureau of Labor Statistics. 🙌 Analysts estimated 450,000.
The unemployment rate fell 0.2% to 4.6%, an all-time low for the pandemic. It’s still a ways off from pre-pandemic numbers. As of right now, nonfarm employment is down by 2.8% from pre-pandemic levels in February 2020. At that time, the U.S. had 152.5 million payrolls. In the latest job report this month, it had 148.3 million.
The industries which saw the greatest payroll additions were leisure and hospitality (+164,000), professional and business services (+100,000), manufacturing (+60,000), and transportation and warehousing (+54,000.) 📈
This jobs report is exactly what the Federal Reserve was looking for. Last week, the Fed announced it would begin cutting its monthly bond purchases. However, for rates to start rising, the Fed will probably need a few more big payroll reports like this. 🚀