October jobs report beats expectations with gain of 531,000

The U.S. economy created more jobs than expected in October as unemployment fell to 4.6% and 531,000 new jobs were added to payrolls, the Labor Department announced Friday.

Both numbers outperformed estimates. Dow Jones estimated that unemployment would drop to 4.7% and 450,000 jobs created.

The unemployment rate is the lowest level since March 2020.

The report is welcome news for President Biden, after voters this week said the economy was among the top reasons Republicans did better than expected in state elections.

“This is recovery is faster, stronger and fairer and wider than almost anyone could have predicted,” he said in remarks from the White House Friday.

Mr. Biden linked the strong recovery to the rise in COVID-19 vaccinations among American adults. Earlier Friday, the White House said seven out of 10 adults are now fully vaccinated.

He credited his vaccine mandates for the improved jobs numbers, adding that even more workers can return to the labor market now that young children are eligible for the vaccine.

“Now vaccinated workers are going back to work. Vaccinated shoppers are going back to stores, and with the launch of the vaccine for kids aged 5 through 11 this week, we can make sure more vaccinated children stay in school,” he said.

The report also shows that the economy is starting to roar back to life after a slower-than-expected pace in September in which the number of jobs created fell far below expectations.