The U.S. economy added a solid 531,000 jobs in October, the Bureau of Labor Statistics announced on Friday, a huge hiring rebound and promising sign of economic recovery in the wake of the COVID-19 delta variant surge.

What You Need To Know

  • The U.S. economy added a solid 531,000 jobs in October, the Bureau of Labor Statistics announced on Friday, a huge hiring rebound and promising sign of economic recovery

  • The unemployment rate fell to 4.6% from 4.8% the month prior

  • Friday's report also revised the September and August jobs reports, with the economy adding 235,000 over those two months than previously reported

  • The October report comes one day after weekly unemployment claims fell for the fifth straight week, dropping to another pandemic low of 269,000 for the week ending in Oct. 30

The unemployment rate fell to 4.6% from 4.8% the month prior.

President Joe Biden called it "another great day for our economic recovery," pointing to COVID relief measures passed in the spring and the the vaccine news of the week as additional steps toward progress: the approval of shots for kids ages 5-11 and the rollout of a vaccine mandate for businesses and health care workers.

"This did not happen by accident, or just because. We laid the foundation for this recovery with my American Rescue Plan that Congress passed the beginning of my term," he said from the White House Friday. "The economic rescue and vaccination plan — both of them — have made the economy the envy of the world."

 

Notable industries which gained jobs include leisure and hospitality (+164,000 jobs), professional and business services (+100,000 jobs), manufacturing (+60,000 jobs) and construction (+44,000 jobs). Health care also saw gains of 37,000 jobs, mostly in home health care services (+16,000 jobs) and nursing care facilities (+12,000 jobs).

Industries that saw losses included local government education (-43,000 jobs) and state government education (-22,000 jobs).

Average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents in October to $30.96, following six months of increases, according to the BLS.

 

Friday's report also revised the September and August jobs reports, revealing higher jobs figures than were initially reported: August's report was revised up 117,000, from 366,000 to 483,000 jobs; September's report, which was considered "disappointing" by many analysts and experts at the time, was revised up by 118,000, from 194,000 to 312,000 jobs.

All told, the economy added 235,000 over those two months than previously reported.

The October report comes one day after weekly unemployment claims fell for the fifth straight week, dropping to another pandemic low of 269,000 for the week ending in Oct. 30.

Biden said a continued recovery would depend on more vaccinations and the passage of his infrastructure, social and climate spending plans, which he urged all House lawmakers to vote for Friday.

"We want to make sure that people continue to feel it in their lives, in their bank accounts and their hopes and expectations. For a tomorrow that's better than today," he said. "Right now, we stand on the cusp of historic economic progress."