CNBC reported the following yesterday:
- Nonfarm payrolls increased by 638,000 in October and the unemployment rate fell to 6.9%.
- Economists surveyed by Dow Jones had forecast 530,000 and 7.7%, respectively.
- Hospitality and professional and business services showed the biggest gains. Government job losses subtracted from the total.
Meanwhile, the Bureau of Labor Statistics reported that the Workforce Participation Rate went from 61.4 in September to 61.7 in October.
CNBC reports:
Employment growth was better than expected in October and the unemployment rate fell sharply even as the U.S. faces the challenge of surging coronavirus cases and the impact they could have on the nascent economic recovery.
The Labor Department reported Friday that nonfarm payrolls increased by 638,000 and the unemployment rate was at 6.9%. Economists surveyed by Dow Jones had been looking for a payroll gain of 530,000 and an unemployment rate of 7.7%, a touch lower than the September level of 7.9%.
October’s gain was just slightly off the September pace of 672,000.
I have asked this questions before. Why is growth always better than expected when a Republican is in the White House?
We are in an economic recovery. That recovery will continue if President Trump continues in office. That recovery will come to a screeching halt if Joe Biden becomes President.