Pres. Biden: 'The job creation in the first full nine months in my administration is about 5.6 million new jobs—a record for any new president.'
Every month the Bureau of Labor Statistics releases information that helps indicate the economy's health.Hiring gained steam in October, with U.S. employers adding 531,000 jobs and the unemployment rate edging down by a fraction of a percentage point to 4.6%, the Department of Labor said Friday.
"Overall, it was a really positive jobs report but leaves some questions about the structure of the labor market for the Fed," Megan Greene, the global chief economist at the advisory firm Kroll Institute and a senior fellow at the Harvard Kennedy School, told ABC News Friday shortly after the report's release.
The labor force participation rate was unchanged at 61.6% in October, the DOL said, and has remained within the narrow range of 61.4% to 61.7% since June 2020. Employment has increased by 18.2 million since the recent low seen in April 2020, when the pandemic raged, but remains down by some 4.2 million, or 2.8%, from its pre-pandemic levels. The unemployment rate in February 2020 was at a historic low of 3.5%.
Moreover, the average hourly earnings for all employees last month increased by 11 cents to $30.96. A shortage of workers accepting low-wage jobs in the wake of the pandemic shock has been linked to the rising wages seen in recent months, as many major companies struggled to hire back staff let go in the early days of the pandemic.
It's too soon to tell if this is a singular incident or part of a larger trend, Greene warned, saying that increasing wages isn't a problem if it doesn't turn into the spiral and productivity has been increasing -- which would create"the Goldilocks scenario, where people's standards of living are going up as a result of higher productivity growth."A"Now Hiring" sign faces Interstate I-44 in Tulsa, Okla., Oct. 26, 2021.
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