US Economy Adds 531,000 Jobs In October

The Labor Department announced on Friday that 531,000 new jobs were added to payrolls in October, outpacing Dow Jones' prediction of 450,000 jobs. The unemployment rate also trickled down to 4.6% — marking an all-time pandemic-era low. President Joe Biden praised the job report, calling the nation's economic recovery "faster, stronger and fairer and wider than almost anyone could have predicted.” October also saw salaries rise another 0.4%, keeping up with the average rate of inflation. The leisure and hospitality sector led the market with 164,000 new jobs, according to the Bureau of Labor Statistics. Most other sectors churned strong results, including professional and business services with 100,000 new jobs and manufacturing with 60,000 jobs. The number of government jobs notably dipped by 73,000, primarily due to education cuts at the state and local level.

The October job report was prominently covered across the spectrum, with most outlets linking the promising numbers to an "emergence from the pandemic." Left-rated outlets credited the Biden Administration's handling of the COVID-19 pandemic for getting the country out of an economic recession. Right-rated outlets emphasized how "the country still struggles with labor shortages, supply chain issues and growing inflation."