WASHINGTON, Nov 5 — US employment increased more than expected in October as the headwind from the surge in Covid-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter. The Labor Department’s closely watched...
WASHINGTON, Nov 5 — US employment increased more than expected in October as the headwind from the surge in Covid-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter.
“The one cloud on the horizon was the stubbornly depressed participation rate,” said Seema Shah, chief strategist at Principal Global Investors. “At this point, with reduced benefits, a return to in-person schooling and the drop in Covid rates, we should be seeing a recovery in participation.” Leisure and hospitality businesses led the increase in hiring last month, with 164,000 jobs created. Payrolls also rose in the professional and business services, transportation and warehousing, healthcare, wholesale trade, financial activities as well as mining sectors.
US stocks opened higher. The dollar rose against a basket of currencies. US Treasury prices were mixed.Details of the smaller survey of households were also upbeat, with strong employment gains. The unemployment rate fell to 4.6 per cent last month from 4.8 per cent in September. Though 104,000 people entered the labour force last month, millions remained outside, making it harder for employers to fill 10.4 million jobs which were open as of the end of August.
The labour market disconnect has been blamed on caregiving needs during the pandemic, fears of contracting the coronavirus, early retirements, massive savings and career changes as well as an aging population and the recently ended expanded unemployment benefits. With many people who moved out of cities during the pandemic yet to return, there could also be a mismatch between the open jobs and location.
There are concerns that the White House’s vaccine mandate, which comes into effect on Jan. 4 and applies to federal government contractors and businesses with 100 or more employees, could compound the worker shortages.
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