Drops In Jobless Rate Shows Healing In U.S. Labor Market

Vincent Pucillo

11.10.2020

The last couple weeks and earnings reports have shown a slow but steady recovery of the U.S. economy. This added confidence is also shown through the U.S. labor market, which continued to rebound in October. Private-sector employers added 906,000 jobs last month, an increase from September, which offset a drop of 268,000 jobs in the public sector. Andrew Hunter, senior U.S. economist at Capital Economics, said “[The report suggests the labor market recovery] still has plenty of momentum.” Despite this, the full recovery of the economy is still far out, as increased coronavirus infections have persisted. Along with this, the jobless rate is roughly twice as high as it was in February.

Employers added 638,000 jobs in October

The Labor Department reported a decrease of the unemployment rate, down to 6.9%

Employers have added 12.1 million jobs since April

Source:
“Drop in Jobless Rate Shows Healing U.S. Labor Market,” by Josh Mitchell, Wall Street Journal, Nov. 6, 2020