Labor Market Grew More Than Expected in October
November 6, 2020
The labor market grew by much more than economists had expected in October. The economy added 638,000 jobs last month, about 100,000 more than economists had forecast. Unemployment fell by a full percentage point to 6.9%. The month’s performance is even more notable when you take into account that the government eliminated 268,000 jobs, mostly census workers and others in education.
Economists now worry that the impressive rebound could begin to lose momentum as coronavirus cases surge across the country. A big part of the month’s rebound was from hospitality jobs, which may be threatened if business restrictions return.