The U.S. economy gained 638,000 jobs in the month of October. The unemployment rate that was7.9 percent in September, declined by1.0 percentage point to 6.9 percent, according to the U.S. Bureau of Labor Statistics. The areas that saw notable job gains were in hospitality, retail trade, professional and business services, and construction, while employment in government declined.
Looking back, the U.S. economy lost a record 22 million jobs in March and April, but over the months the economy seems to be on the path to recovery. In July almost 1.8 million jobs were added and 1.5 million in August. The economy added 661,000 jobs in September, and the unemployment rate stood at 7.9%.
Initially, the recovery was on a fast track, but looking at the October figures it seems to have lost much steam. The number of jobs created in October is the lowest in five months.
The number of unemployed persons fell by 1.5 million to 11.1 million in October. Around 3.6 million people are still out of work for more than six months. Other figures include:
- The number of persons on temporary layoff decreased by 1.4 million to 3.2 million, in comparison to 18.1 million in April.
- The number of permanent job losers, at 3.7 million in October, changed little over the month but is 2.4 million higher than in February.
- The number of long-term unemployed (those jobless for 27 weeks or more) increased by 1.2 million to 3.6 million, accounting for 32.5 percent of the total unemployed.
- The number of persons who usually work full time rose by 1.2 million to 123.6 million.
- The number of persons who usually work part-time increased by 1.0 million to 26.2 million.
In October, government employment fell by 268,000. A decrease of 138,000 in the federal government was driven by a loss of 147,000 temporary 2020 Census workers. Job losses also occurred in local government education and state government education.
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