The US economy added 531,000 jobs in October, signaling a strong rebound from a disappointing summer
The unemployment rate fell to 4.6%, the lowest level since the economic recovery started in May 2020.The number of jobs added in October easily outpaced economists' prediction of 450,000 jobs. It marked the first month since July that the official number didn't undercut the consensus estimate.The US economy gained jobs across the board last month, with leisure and hospitality, manufacturing and transportation and warehousing leading the job gains.
The US economy added 795,000 jobs in August and September -- not bad for a so-called lull.Read MorePeople on the sidelinesThat said, there are still millions of people sitting on the sidelines of this tight labor market, unable to rejoin the labor force because of care responsibilities at home or worries about contracting the virus.The number of people who weren't in the workforce but want a job stood at 6 million last month, still nearly 1 million higher than before the pandemic.
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