The total non-farm payroll employment in the US rose by 531,000 in October. The unemployment rate lowered to 4.6%. Industries with notable job gains include leisure and hospitality, professional and business services, manufacturing and transportation and warehousing. The most notable decline was in public education on a month-over-month basis.
On an establishment survey conducted by the BLS it is reported that while in October there were 531,000 jobs gained, the average has been 582,000, making October one of the slowest months in the road to recovery. Non-farm employment has increased by 18.2 million since April 2020 but it is still down by 4.2 million compared to February 2020.
According to household survey data, the unemployment rate edged down too 4.2 in October. The raw number of unemployed persons is at 7.4 million, it has continued to trend down. However, they remain above levels prior to the COVID pandemic, in February 2020 the unemployment rate stood at 3.5.
The employment-population ratio was at 58.8% in October, while it hasn’t varied much it remains below the figure of 61.1 in February 2020 before the pandemic.
On a supplemental household survey data shows that in October, 3.8 million people reported that they had not been able to work because their employer closed or lost business due to the pandemic.