U.S. Payrolls Expanded by 531,000 in October as Unemployment Rate Dropped to 4.6%

U.S. employers increased their rate of hiring in October, with declining COVID-19 infections and demand for workers amid widespread shortages helping to boost labor market activity.

Source: U.S. Bureau of Labor Statistics.

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US employers added 531,000 jobs in October, and the country’s unemployment edged down to 4.6%.

Non-farm payrolls recorded their biggest increase in a single month since July. Job growth for the last two months was revised upwardly.

Even though payrolls have grown every month in 2021, the economy remains over 4 million jobs short of its pre-pandemic levels after plunges in employment between March and April 2020.

Hiring was expected to increase in a wide range of industries for October, but leisure and hospitality employers recorded a significant boost as concerns of Delta variant waned.

Service industries added back 164,000 jobs in October, almost double the 88,000 added in September.

Professional and business services payrolls also increased by 100,000 and education and services role increased by 64,000 in the private sector.