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  • U.S. nonfarm payrolls increase more than expected in October; unemployment rate drops more than forecast
Ekonomické zprávy
05.11.2021

U.S. nonfarm payrolls increase more than expected in October; unemployment rate drops more than forecast

The U.S. Labor Department announced on Friday that nonfarm payrolls rose by 531,000 in October after a revised 312,000 advance in the prior month (originally an increase of 194,000). This was the biggest monthly advance since July. 

According to the report, job growth was widespread in October, with notable job gains occurring in leisure and hospitality (+164,000), in professional and business services (+100,000), in manufacturing (+60,000), and in transportation and warehousing (+54,000). At the same time, employment in public education (-65,000) declined over the month.

The unemployment rate declined to 4.6 percent in October from 4.8 percent in September. This was the lowest rate since March 2020. Still, the rate remained well above the pre-crisis level of about 3.5 percent.

Economists had forecast the nonfarm payrolls to increase by 450,000 and the jobless rate to slip to 4.7 percent.

The labor force participation rate remained unchanged m-o-m at 61.6 percent in October, while hourly earnings for private-sector workers rose 0.4 percent m-o-m (or $0.11) to $30.96, following an unrevised 0.6 percent m-o-m gain in September. Economists had forecast the average hourly earnings to rise 0.4 percent m-o-m in October. Over the year, the average hourly earnings jumped 4.9 percent in October, following an unrevised 4.6 percent climb in September.

The average workweek decreased 0.1 hour to 34.7 hours in October, being slightly below economists' forecast for 34.8 hours.

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