October Jobs Report: Strong Rebound as U.S Economy Adds 531,000 Jobs

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from The Wall Street Journal,

The U.S. labor market sprang back to life in October after a summer slowdown, with employers briskly adding jobs and nearly 200,000 women joining the labor force.

The economy churned out 531,000 new jobs last month, the biggest gain in three months, the Labor Department said Friday. Restaurants, consulting firms and factories all boosted hiring, suggesting broad strength across the economy. Nationwide job growth was also stronger in August and September than previously estimated, with new data boosting employment over that period by 235,000 jobs.

Stocks marched higher, and bond yields fell after the strong report.

The U.S. still has four million fewer jobs than in February 2020, the month before the pandemic shut down much of the economy, and the unemployment rate remains higher than the pre-pandemic level of 3.5%. But Friday’s report showed the economy rebounding…

Employers say they are eager to hire and are raising wages as they compete over a depleted pool of workers.

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