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Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty Image
The U.S. economy added 531,000 jobs last month, while the unemployment rate fell to 4.6% from 4.8.%.
Why it matters: Hiring bounced back after a virus-driven job growth slowdown.
Details: Economists expected a gain of 450,000 jobs in October.
Flashback: The pandemic-hit labor market has seen months-long slowdown in hiring. Employers — particularly in the leisure and hospitality sector — have said they can’t find workers they need to keep up with demand.
- Millions of workers remain on the sidelines: Hard-to-find or too expensive child care has made it hard for parents to return to work. Workers have also cited fear of contracting the virus as a reason that’s keeping them from taking jobs.
Sign up for our daily briefingMake your busy days simpler with Axios AM/PM. Catch up on what’s new and why it matters in just 5 minutes.Catch up on the day’s biggest business storiesSubscribe to Axios Closer for insights into the day’s business news and trends and why they matterSign up for Axios Pro RataDive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.Sports news worthy of your timeBinge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.Tech news worthy of your timeGet our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.Get the inside storiesGet an insider’s guide to the new White House with Axios Sneak Peek. Sign up for free.Catch up on coronavirus stories and special reports, curated by Mike Allen everydayCatch up on coronavirus stories and special reports, curated by Mike Allen everydayWant a daily digest of the top Denver news?Get a daily digest of the most important stories affecting your hometown with Axios DenverWant a daily digest of the top Des Moines news?Get a daily digest of the most important stories affecting your hometown with Axios Des MoinesWant a daily digest of the top Twin Cities news?Get a daily digest of the most important stories affecting your hometown with Axios Twin CitiesWant a daily digest of the top Tampa Bay news?Get a daily digest of the most important stories affecting your hometown with Axios Tampa BayWant a daily digest of the top Charlotte news?Get a daily digest of the most important stories affecting your hometown with Axios CharlotteWant a daily digest of the top Nashville news?Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.Want a daily digest of the top Columbus news?Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.Want a daily digest of the top Dallas news?Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.Want a daily digest of the top Austin news?Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.Want a daily digest of the top Atlanta news?Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.Want a daily digest of the top Philadelphia news?Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.Want a daily digest of the top Chicago news?Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.Sign up for Axios NW ArkansasStay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reportersWant a daily digest of the top DC news?Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.Photo: Ben Hasty/MediaNews Group/Reading Eagle via Getty ImageThe U.S. economy added 531,000 jobs last month, while the unemployment rate fell to 4.6% from 4.8.%.Why it matters: Hiring bounced back after a virus-driven job growth slowdown. Details: Economists expected a gain of 450,000 jobs in October.Flashback: The pandemic-hit labor market has seen months-long slowdown in hiring. Employers — particularly in the leisure and hospitality sector — have said they can’t find workers they need to keep up with demand.Millions of workers remain on the sidelines: Hard-to-find or too expensive child care has made it hard for parents to return to work. Workers have also cited fear of contracting the virus as a reason that’s keeping them from taking jobs.
