Employment Numbers Bounce Back: U.S. Economy Added 531,000 Jobs in October

Employment Numbers Bounce Back: U.S. Economy Added 531,000 Jobs in October

U.S. jobs roared back in October, with the Department of Labor reporting Friday that nonfarm payrolls increased by 531,000, 

The figure beat the Dow Jones estimate of 450,000. 

“Over 5.6 million jobs created. Under 5% unemployment,” President Joe Biden Tweeted on Friday. “This is a significant improvement from when I took office, and a sign that we are on the right track.”

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The U.S. unemployment rate fell to 4.6%, a new pandemic low, and wages rose 0.4% for the month and were up 4.9% from a year ago.

October’s gains represented a sharp pickup from September, which gained 312,000 jobs after the initial Bureau of Labor Statistics estimate of 194,000 saw a substantial upward revision in Friday’s report.

Meanwhile, Biden continues to push for his “Build Back Better” legislative agenda on Capitol Hill on Friday. 

“Those at the top have gotten a free ride — at the expense of the middle class — for far too long,” Biden Tweeted. “My Build Back Better Framework will make the super-wealthy and big corporations pay their fair share, and then invest that money in the middle class.”