By Tom Burnett CFA
On November 5, 2021, the Bureau of Labor Statistics announced the employment numbers for October. Jobs increased by 531,000 from the prior month. Private sector growth of 604,000 led the way. The unemployment rate fell from 4.8% to 4.6%. There are now 7.4 million unemployed workers compared to just 5.7 million in February 2020 before the Covid-19 outbreak slammed the economy. The October increase was further enhanced by upward revisions of 235,000 to the previous figures for August and September. In 2021, the average monthly gain in employment is 582,000. Total employment of 151 million is now 18.2 million higher than the 2020 low point and just 4.2 million off the February 2020 high level.
Average hourly earnings increased to $30.96, up 4.9% from October 2020.
The next Employment Report will be issued on December 3, 2021.
Tom Burnett CFA is Director of Research