The Bureau of Labor Statistics reported Friday the U.S. economy added 531,000 jobs in October and the unemployment rate fell to 4.6% — a new pandemic low and better than economists’ expectations.
October’s gains represented a sharp pickup from September, which gained 312,000 jobs after the initial Bureau of Labor Statistics estimate of 194,000 saw a substantial upward revision in Friday’s report.
“The economy is going in the right direction,” said Bottomline Marketing founder and San Diego State University marketing professor Miro Copic. “We’re doing pretty well and recovering all these jobs that were lost.”
The leisure and hospitality sector led the way, adding 164,000 jobs as Americans ventured out to eating and drinking establishments and went on vacations again as Covid numbers fall — the industry reclaiming 2.4 million positions lost during the pandemic.