531,000 jobs added in October, hiring swells

The country added 531,000 jobs in October- a strong month of growth showing signs of an economy regaining new momentum in the final few months of the year after the coronavirus pandemic surge in the late summer. In addition to the large number of jobs added, the unemployment rate dropped too, from 4.8% to 4.6%. The rate is still up from its pre-pandemic low of 3.5% in February 2020 but significantly down from January 2021 when it was 6.3%. 

The rise in hiring comes amidst other strong economic news. The major US stock indexes have climbed to record levels. In recent weeks, the number of coronavirus cases has fallen leading to more optimism among businesses and households. This has helped push wages, another trend that reflects a growing sense of optimism about the direction of the economy. However, many businesses still remain concerned about inflation rates and supply chain delays and worry that these would extend into the next year as well, adding to the uncertainty of the pandemic. 

Source: The Washington Post