The economy is projected to have added 600,000 jobs in October, according to economists surveyed by Bloomberg. That would be a drop from the 661,000 jobs added in September.
Which was a drop from…
Well, you get the picture. The economy is improving but the rate of improving is slowing.
The addition of 600,000 jobs in October is expected to reduce the unemployment rate to 7.6% in October versus 7.9% in September.
Average hourly earnings are projected to have crept upward by 0.2% month over month. That would be slightly better than the 0.1% growth in September.
The year to year increase in average hourly earnings would be up 4.5% in October. That would be a slight dip from the 4.7% year over year growth in September.
Employment is still down by about 11 million jobs since the start of the coronavirus pandemic. About 21.5 million Americans are receiving some form of unemployment insurance. That’s down from 30 million at the worst of the coronavirus recession.