The labor market was stronger than expected in October, showing good momentum ahead of the latest wave of coronavirus cases.
The economy added 638,000 nonfarm payrolls and the unemployment rate fell by a full percentage point to 6.9%. The government compiled the data for the report in the middle of October.
Stock futures temporarily erased some losses and bond yields rose as the report showed about 100,000 more jobs than economists expected and a much better unemployment rate. The report did include the loss of 268,000 government jobs, with 147,000 of those Census workers and many others in education.
Read more at CNBC.
{Matzav.com}
