US economy adding jobs with gusto as Delta wave subsides

The better-than-expected report from the Labor Department on Friday showed the US economy added 531,000 jobs last month and the unemployment rate declined to 4.6 percent, both signs of a vigorous pace in hiring by American businesses.

"America is getting back to work. Our economy is starting to work for more Americans," he said at the White House. "We got an unambiguously strong October jobs report -- big job gain, unemployment fell, hours worked increased and wage growth is strong," tweeted Mark Zandi of Moody's Analytics. The numbers of permanent job losers and people on temporary layoff changed little over the month, and remain higher than before the pandemic, according to the report.

Fed chief Jerome Powell said Wednesday the central bank wants the labor market to heal further before it decides to lift the benchmark lending rate off zero, which many economists expect it to do next year. With inflation worryingly high amid global supply chain snarls -- another of the Fed's major concerns -- the data showed wages rose again last month, and are up 4.9 percent over the past year.Among the more concerning trends in the September data was a flatlining in hiring at bars and restaurants, but in October those businesses added 119,000 positions, making up the bulk of the gain in the leisure and hospitality sector.

Source: Financial Digest (financialdigest.net)

Thanks Joe

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