The economy added 531,000 jobs in October, blowing past economists’ predictions of 450,000, and the unemployment rate fell to 4.6 percent from 4.8 percent.
Friday’s release from the Bureau of Labor Statistics followed a disappointing September report in which a mere 194,000 jobs were added, compared to the half million expected by economists.
“America is getting back to work. Our economy is starting to work for more Americans,” President Biden said in remarks at the White House on Friday. “Before we passed the Rescue Plan, forecasters said it would take until the end of 2023 to get to 4.6 unemployment rate. Today, we’ve reached that rate two years before forecasters thought it was possible.”
Labor market experts had been projecting a rebound for October’s numbers, based on falling Covid-19 cases in much of the country and increases in so-called “high frequency” metrics like airport passenger traffic and restaurant reservations. A robust…