Jobs Report: Economy Adds 638,000 Jobs in October

Last month the unemployment rate fell to 6.9%, and total nonfarm payroll employment increased by 638,000, according to the U.S. Bureau of Labor Statistics (BLS). The improvements reflect the continued comeback of economic activity that had been slowed by the Covid-19 pandemic.

Notable job gains occurred last month in construction, retail trade, leisure and hospitality, and professional and business. However, employment in government declined.

Construction added 84,000 jobs last month. According to the BLS, specialty trade contractors added jobs, both in residential (+18,000) and nonresidential (+28,000) components. Employment also was up in heavy and civil engineering construction and in construction of buildings (+19,000 each). While construction has added 789,000 jobs in the past six months, it is still down by 294,000 since prior to the Covid-19 shutdowns. Read More >