October 2021 Jobs Report: Positive Signs of an Upward Turn for the Economy
After a less than promising fall of slowly increasing payroll numbers and minor improvements to the overall unemployment rate in the U.S., there are promising signs of a recovering economy. According to the October 2021 Employment Situation Summary published by the Bureau of Labor Statistics, there are indications of increases in overall hiring.
In October, an estimated 450,000 jobs were added by U.S. employers – the highest increase in three months. Moreover, the unemployment rate reduced further from 4.8% to 4.6%, which is the lowest level since the economy began recovering in May 2020 from the initial impact of the pandemic earlier that year. The report also states that for over a month, the number of unemployment claims has fallen more every day – now at a pandemic low of 269,000.
Industries that saw the largest gains in jobs include manufacturing, transportation and warehousing, in addition to leisure and hospitality – which were hit the hardest by the pandemic. Compared to the September 2021 jobs report, October’s report showed sizable improvements – indications that the worst of the pandemic’s impact on the economy might be behind us. If you’re still looking for your next job opportunity, contact us today. We work with companies across the country looking to fill roles in a number of industries. Let Addison Group help you find your match.
Jobs report data is sourced from the U.S. Bureau of Labor Statistics and can be found in their latest report.
