The Labor Department Friday released its October jobs report, which showed a significant rise in job creation as well as a slumping unemployment rate. With COVID-19 infections slowing down and steady economic recovery, over 531,000 new non-farm jobs were created in the past month; a significant rise from the original expectation of 450,000.
In addition, the national unemployment rate dropped to 4.6%, outperforming the expected 4.7% for October as well as the 4.8% unemployment rate in September.
As the United States continues its post-pandemic recovery, the demand for workers in farming as well as non-farm roles embarks on a constant rise. In addition, there is a large shortage of workers across several fields.
The Labor Department also revealed that payrolls for the month of October increased by 312,000. 483,000 terminated jobs were reinstated by employers.
Despite the overall positive results, the American labor market is still experiencing a concerning shortage of labor. Kevin Mahn, Hennion & Walsh chief investment officer had the following to say on the matter: “My largest concern right now—outside of inflationary pressures—is ultimately what happens with this labor supply shortage, because the labor supply shortage feeds into the supply chain issues we’re seeing.”
