Employment Research Brief
Employment Market Firms Amid Wane in Infections;
Winter Headwinds Present
Job creation picks back up. After a slowdown in August and September, hiring improved in October as 531,000 personnel were added to staffs. A downshift in the number of coronavirus infections and the expiration of federal unemployment benefits likely contributed to the greater job creation. Employment growth was most prevalent in the leisure and hospitality sector, predominantly at bars and restaurants, as well as in professional and business services. Last month’s gains helped lower the unemployment rate 20 basis points to 4.6 percent, above the 3.5 percent pre-pandemic low but below the long-run average.