WASHINGTON (Pakistan Point News / Sputnik - 06th November, 2020) The United States gained 638,000 jobs in October, more than forecast by economists but less than in September, as the coronavirus pandemic continued to impact labor market recovery, the government's monthly jobs data showed on Friday.
"Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate fell to 6.9 percent," the Labor Department said in a statement. While the latest job additions were higher than the 600,000 forecast by economists for October, it still trailed September's gains of 672,000.
The economy lost more than 21 million jobs for all of March and April, at the height of lockdowns forced by the COVID-19. It posted a strong rebound of 2.5 million jobs in May and 4.8 million in June. Job gains have slowed since, with 1.8 million in July and some 1.5 million in August.
The US economy rebounded by 33.1 percent in the third quarter between July and October, after shrinking 31.4 percent in the second quarter and 5 percent in the first three months of the year.
The economic outlook for the United States remains dire with a rash of new coronavirus infections reported across a nation with 9.6 million COVID-19 cases and over 234,000 fatalities to date. New lockdowns imposed by Germany and France are also likely to dampen the global trade, putting further strain on the US economy.
From: Barani Krishnan - [email protected]
Subject:� UPDATE - US Gains 638,000 Jobs in Oct, Less Than in Sept, Amid COVID-19 Impact - Labor Department
