The U.S. economy recorded better-than-expected job growth in October and the unemployment rate dropped sharply as the U.S. faced increasing challenges of rising cases of Covid-19 infection and its impact on economic recovery.
The U.S. Department of Labor reported on Friday that the NFP reading increased by 638,000 and the unemployment rate dropped to 6.9%. Economists even predicted an additional 530,000 jobs and an unemployment rate of 7.7%.
The decline in the unemployment rate was a positive one accompanied by a labor force participation rate of 0.3 percentage points to 61.7%. The report comes after reports that Covid-19 infection cases reached 100,000 a day this week.
The growth of the labor sector in October brought the total increase since May to around 12 million. That number though but still less than 10 million jobs lost in March and April.
While the market focus is still focused on the process of counting presidential votes in several major states.
