U.S. economy beats jobs expectations, still down from before COVID

By Mike Sunnucks | Rose Law Group Reporter

The U.S. economy added 531,000 jobs in October outpacing economists projections of 450,000 jobs being added during the month.

The U.S. Bureau of Labor Statistics also reported the national unemployment rate stands at 4.6% down from 4.8% in September.

The economy has gained 18.2 million jobs since April 2020 when the coronavirus pandemic decimated jobs.

Still, the U.S. economy is down 4.2 million jobs from February 2020 and the start of the COVID pandemic.

Sectors key to Arizona’s economy added jobs but are still down nationally from pre-COVID economic levels.

The construction sector added 44,000 jobs in October but it is still down 150,000 jobs from pre-pandemic levels.

The leisure and hospitality industry

Employment in leisure and hospitality increased by 164,000 in October and has risen by 2.4 million jobs this year, according to BLS.

The industry — which includes bars, hotels and restaurants — is still down 1.4 million jobs from February 2020.

Health care added 37,000 jobs in October but is down 460,000

workers since February 2020, according to BLS’s new data.

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November 2021