“Surprising Shortfall: US Payrolls Fall 150,000 Short of Expectations in October

Americans received positive news on Friday as data showed that the U.S. economy added more jobs than expected in October. According to the Bureau of Labor Statistics, employers added 150000 jobs in October, beating expectations of 125000 jobs. This indication that the job market is still in relatively decent shape despite a rising number of new coronavirus cases and increased restrictions in parts of the country. Though the number does beat expectations, it’s still far less than in the months prior. October’s total was much lower than the 298000 jobs added in September and the 15.6 million jobs lost in March and April when the pandemic first hit the U.S. The data also showed that the unemployment rate dropped from 7.9 percent in September to 6.9 percent in October. However, there are still 11 million Americans officially unemployed and another 4.2 million people who are considered “marginally attached” to the labor force. The job gains in October showed that the economy was able to add jobs even as coronavirus cases rose and restrictions increased. This provides support to the idea that the economic recovery remains intact even as new outbreaks emerge. However, with the resurgence in coronavirus cases, it is unclear how long the job market recovery will continue. If the pandemic worsens, it could cause more businesses to close, resulting in further job losses. Therefore, it is essential that the government and Americans across the country find a way to mitigate the virus spread to ensure that the recovery continues.