October Jobs Report Stronger Than Expected

The new monthly jobs report is out, and it's stronger than expected, reports CNBC. Employers added 638,000 jobs in October, above expectations of 530,000. The unemployment rate fell to 6.9%, down from 7.9% in September. Still, that remains well above the rate of 3.5% before the pandemic, notes the Wall Street Journal. All in all, the economy has now recovered about half of the 22 million jobs lost during the coronavirus outbreak, reports the AP.

October's report suggests that "a tentative economic recovery may remain intact even in the face of a surging viral outbreak," per the AP. The biggest gains in the new report came in the leisure and hospitality industries, which account for 271,000 of the jobs, according to CNBC. Bars and restaurants in particular added 192,000 of those jobs. (More unemployment rate stories.)