The new monthly jobs report is out, and it's stronger than expected. Hiring in October improved significantly over September, though it's still behind the pace set in the first half of the year. The details:
- New jobs: Employers added 531,000 jobs in October, above expectations of 400,000 to 450,000. "Solid" is the word used by the AP.
- Unemployment: The unemployment rate fell from 4.8% to 4.6%. That, too, was better than the anticipated 4.7%, per CNBC. The pre-pandemic rate was 3.5%.
- Context: The US added an average of 641,000 jobs a month in the first seven months of 2021, per the Wall Street Journal, but that figure dropped roughly in half in August and September. (September's initial figure of 194,000 new jobs was revised substantially upward to 312,000 on Friday.)