Employment jumps 638,000 as unemployment drops.
The Labor Department’s monthly report, released Friday, surprised many economists with an unpredicted reduction to the unemployment rate, dropping a full once percent in the month of October. Experts had expected a slight increase in joblessness due to the contractual end of temporary Census jobs. It was also anticipated that businesses would be cautious about hiring in the face of the ongoing coronavirus.
However, though 150,000 Census jobs concluded in October, private businesses added a total of 906,000 jobs to the economy, offsetting the Census and other job losses for a total gain of 638,000 jobs. With job recovery remaining constant in August and September, the Labor Department hopes that the economy will continue to adapt to the realities of COVID-19.
As the Lord Leads, Pray with Us…
- For the vigilance of the Labor Department as they provide data to the American public each month.
- That the federal government would adjust its strategy to new information.
- That God would provide the American people with necessary employment opportunities.
Sources: AP, NPR
