U.S. payrolls grow as jobless rate slips

Hiring rebounded in the United States in October as payrolls increased and the unemployment rate decreased.

Nonfarm payrolls grew 531,000 and the jobless rate slipped two-tenths of a point to 4.6 percent, according to estimates from the U.S. Bureau of Labor Statistics.

The latest payroll gain came in closer to the average monthly increase of 582,000 so far in 2021. Smaller payroll gains for September were revised upward a total of 235,000 to 312,000 and 483,000, respectively.

Employment has increased 18.2 million since April 2020, but remains 4.2 million below February 2020 and the onset of the COVID-19 pandemic in the U.S.

For October, 7.4 million people were counted among those unsuccessfully looking for work. Of those, 2.3 million have been out of work 27 weeks or longer.

Another 4.4 million people were counted among those working part-time because their hours were reduced or they were unable to find full-time positions.

The labor force participation rate held steady at 61.6 percent.

Payroll gains were spread among a number of industry sectors. Employment increased 164,000 in the leisure and hospitality sector, 100,000 in professional and business services, 60,000 in manufacturing, 54,000 in transportation and warehousing and 44,000 in construction.

Employment decreased a total of 65,000 in state and local government education.

The average workweek shortened a tenth of an hour to 34.7 hours. The average manufacturing workweek decreased a tenth of an hour to 40.3 hours.

Average hourly earnings rose 11 cents to $30.95. Hourly earnings have increased 4.9 percent over the past year.