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U.S. Created 638,000 Jobs in October, More Than Expected

Economic IndicatorsNov 06, 2020 08:36AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- The U.S. economy created a net 638,000 nonfarm jobs in the month through mid-October, in a stronger-than-expected start to a quarter that looks set to be overshadowed by the spreading Covid-19 pandemic.

Nonfarm payrolls had been expected to rise by 600,000. As such the actual number represents only a modest slowdown in job creation from an upwardly-revised 672,000 in September. 

The unemployment rate fell by a full percentage point to 6.9% of the workforce.

The report is a sign of the labor market's resilience in the face of rising coronavirus cases, all the more so since 147,000 jobs tied to the 2020 census were lost during the month. Most encouragingly, the labor force participation rate rose to 61.7% of the population, having fallen to a four-month low of 61.4% in September. That may alleviate concerns that the improvement in the headline jobless numbers are due above all to people giving up the hunt for work.

U.S. stock futures responded brightly to the numbers, with Dow Jones Futures rising some 0.5% in the 15 minutes after the release. 

 

U.S. Created 638,000 Jobs in October, More Than Expected
 

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Comments (16)
Thom Miller
Thom Miller Nov 06, 2020 10:51AM ET
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Most of these jobs just “magically appeared....”
Kaveh Sun
Kaveh Sun Nov 06, 2020 10:42AM ET
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If Biden is s# enough to order another shutdown, almost all jobs will b gone. it is just talk for votes. he wont order any shutdown
Kristof Naessens
Kristof Naessens Nov 06, 2020 10:17AM ET
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Over the course of the month, over 3,000,000 actual people show up and register for unemployment payouts. Over that same month, the BLS computers calculate that 638,000 new "jobs" were added. We don't call it the "BLSBS" for nothing!
phil chalmers
phil chalmers Nov 06, 2020 9:11AM ET
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how was 638,000 jobs created in October but 730,000 were lost every week. Its funny how they spin it so basically over 2.1 million jobs were lost. it is a joke
luca mohammed
luca mohammed Nov 06, 2020 9:11AM ET
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Quite right
Kwong To
Kwong To Nov 06, 2020 9:11AM ET
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Did Trump take credit for this?
perplexed76 .
perplexed76 . Nov 06, 2020 9:02AM ET
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the rally continues! ignore all bad yesterday labour news, hypertrophy semi-good one!!!
Victor Asturias
Victor Asturias Nov 06, 2020 9:02AM ET
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ignore reality and keep throwing your money, bulls ready to cash it in
Dietmar Stahl
Dietmar Stahl Nov 06, 2020 8:58AM ET
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After election the Bitcoin ponzi pot will crash back to 10000
Joseph Fry
Confuzed Nov 06, 2020 8:57AM ET
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something doesn't add up. how can participation rate rise, and all new payrolls figures decline mom, yet unemployment rate does better than last month. Typo?
Joe Alanis
Joe Alanis Nov 06, 2020 8:57AM ET
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Well unemployment is coming to an end formthose who went on it in March. People have no other option but take what ever job they can to live.
el debarge
el debarge Nov 06, 2020 8:55AM ET
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How readily available and presented are these jobs within reach of those who supposedly gave up. No one gives up on an employment search unless they are dismayed by lack of readily available options. So what needs to be done is proper presentation as propaganda, yet with purpose. The purpose of serving the interest of the people in need
Victor Asturias
Victor Asturias Nov 06, 2020 8:54AM ET
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Lets highlight a few positive numbers to disguise a sanitary, economy and political crisis
el debarge
el debarge Nov 06, 2020 8:54AM ET
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How readily available and presented are these jobs within reach of those who supposedly gave up. No one gives up on an employment search unless they are dismayed by lack of readily available options. So what needs to be done is proper presentation as propaganda, yet with purpose. The purpose of serving the interest of the people in need
bvwtl tcpkw
bvwtl tcpkw Nov 06, 2020 8:51AM ET
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with 6.9 unemployment , there is no stimulus needed anymore
Larry Deangelis
Larry Deangelis Nov 06, 2020 8:51AM ET
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Trump always talks about fake news. This report has been fake numbers for years. They will go back and adjust lower next month. Garbage
LODGEU 러지유 KOREA
LODGEU 러지유 KOREA Nov 06, 2020 8:49AM ET
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haha 120000 new infections and the people dont care . Desperate times for money
Mario tragik
Mario tragik Nov 06, 2020 8:47AM ET
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lmao okay whatever
Wiley Spaller
Wiley Spaller Nov 06, 2020 8:46AM ET
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= Market will go green today
Jesse Mulliniks
Jesse Mulliniks Nov 06, 2020 8:46AM ET
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Fake news
Notvery Goodathis
Peteymcletey Nov 06, 2020 8:44AM ET
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Biden would crush that. he'd get it up to at least 12% on day 1!
 
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