skip to Main Content
MSJ NEWS see latest news

Leisure and Hospitality Again Leads Jobs Recovery as U.S. Economy Adds 531,000 Jobs in October

  • U.S. economy adds 531,000 nonfarm jobs in October, led by gains in the leisure and hospitality sector
  • Revisions to previous months’ jobs totals show stronger gains than initially reported
  • Financial services, transportation and warehousing have recovered or exceeded the number of jobs they had before the COVID-19 pandemic

Summary by Dirk Langeveld

The United States economy posted a net gain of 531,000 nonfarm jobs in October, according to the Bureau of Labor Statistics. The data suggests that the economic recovery from the COVID-19 pandemic is accelerating after a slowdown in the late summer brought on by factors like a surge in COVID-19 cases and supply chain bottlenecks.

In addition, the report showed a significant upward revision to the totals in the past two jobs reports. August’s figure was increased to 483,000 while September’s grew to 312,000, a total increase of 235,000 compared to previous figures. Growth has averaged 582,000 new jobs a month this year.

The leisure and hospitality sector continued to lead job gains, posting 164,000 new positions in October; 119,000 were in food services and drinking places. The sector’s jobs remain considerably below pre-pandemic levels, down 8.2 percent (1.4 million jobs) compared to the tally in February 2020.

  • Other significant gains included 100,000 additional jobs in professional and business services, 60,000 jobs in manufacturing, and 54,000 in transportation and warehousing
  • While most sectors remain below pre-pandemic levels, transportation and warehousing jobs have boomed and are 149,000 above February 2020 levels; the financial service sector gained 21,000 and is back to pre-pandemic levels
  • Local government education jobs were down 43,000, while state government education jobs fell by 22,000
  • Overall, the U.S. economy has recovered 18.2 million jobs since April 2020 but is still down 2.8 percent (4.2 million jobs) compared to pre-pandemic levels
  • The unemployment rate fell 0.2 points to 4.6 percent, with 7.4 million unemployed people overall
  • Average hourly earnings in October increased 11 cents to $30.96; earnings have grown by 4.9 percent over the past 12 months
  • The BLS report is similar to the findings of a recent ADP report on private payrolls, which logged 571,000 new jobs in October

Spread the Word

More To Explore

Expert Summaries

Know Your Competitors

By Denis Jakuc 

There are tons of benefits to knowing who your competitors are—what they’re offering, their strengths and weaknesses. That knowledge can help you make your products and services stand out,

Latest News

Join with Free InnovatorsLINK Account

Start accessing all the free member benefits and valuable content on the InnovatorsLINK platform. Create a BizLINK listing to boost brand exposure, receive the weekly Main Street Journal newsletter, engage in forums, get full access to free content, and more.