US Economy Adds 531K Jobs in October, Surges Past Expectations

By  //  November 5, 2021

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unemployment rate to slip to 4.7%

ABOVE VIDEO: FOX Business’ Edward Lawrence and Dagan McDowell break down the October jobs report.

(FOX NEWS) – U.S. employers’ hiring surged in October as the number of new infections caused by the COVID-19 delta variant slowed and the expiration of extended unemployment benefits moved farther in the rearview mirror.

Nonfarm payrolls increased by 531,000 workers last month as the unemployment rate fell 0.2 percentage points to 4.6%, the Labor Department said Friday. Economists surveyed by Refinitiv were expecting the addition of 450,000 jobs and the unemployment rate to slip to 4.7%.

The job gains in September were revised up to 312,000 from the prior reading of 194,000.

“The pace of hiring rebounded in October as Covid-19 restrictions eased and cases declined,” said Jay Pestrichelli, CEO of ZEGA Financial. “The labor market is not back to pre-Covid-19 levels, but it has staged an impressive comeback over the past 18-months.”