U.S. Adds 531,000 Jobs

By Staff Writer November 07, 2021 199

Total nonfarm payroll employment rose by 531,000 in October, and the unemployment rate edged down by 0.2 percentage point to 4.6 percent, the U.S. Bureau of Labor Statistics reported last week.

Job growth was widespread, with notable job gains in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing. Employment in public education declined over the month.

The unemployment rate edged down to 4.6 percent in October. The number of unemployed persons, at 7.4 million, continued to trend down. Both measures are down considerably from their highs at the end of the February-April 2020 recession. However, they remain above their levels prior to the coronavirus (COVID-19) pandemic (3.5 percent and 5.7 million, respectively, in February 2020

Among the major worker groups, the unemployment rate for adult men (4.3 percent) declined in October. The jobless rates for adult women (4.4 percent), teenagers (11.9 percent), Whites (4.0 percent), Blacks (7.9 percent), Asians (4.2 percent), and Hispanics (5.9 percent) showed little or no change over the month.

Among the unemployed, the number of permanent job losers, at 2.1 million, changed little in October but is 828,000 higher than in February 2020. The number of persons on temporary layoff, at 1.1 million, was little changed over the month. This measure is down considerably from the high of 18.0 million in April 2020 but is 306,000 above the February 2020 level.

In October, the number of long-term unemployed (those jobless for 27 weeks or more) decreased by 357,000 to 2.3 million but is 1.2 million higher than in February 2020. The long-term unemployed accounted for 31.6 percent of the total unemployed in October.

The labor force participation rate was unchanged at 61.6 percent in October and has remained within a narrow range of 61.4 percent to 61.7 percent since June 2020. The participation rate is 1.7 percentage points lower than in February 2020.

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Last modified on Monday, 08 November 2021 19:56