The number of new jobs in the United States increased by 531 thousand in October. More than the market expected. Year-on-year nominal wage growth reached almost five percent. But the United States continues to face labor shortages.
Employment in the United States rose more than expected in October. 531 thousand jobs were added, the market consensus was around 450 thousand. In September, the number of jobs increased “only” by 312 thousand. The unemployment rate fell to 4.6 in October from 4.8 percent.
However, the US labor market still faces labor shortages. This is despite the fact that the total number of employees in the USA is about 4.2 million lower than in February last year, ie on the eve of the outbreak of the coronavirus crisis. According to critics, the generous benefits, the payment of which was extended by the Joe Biden administration, are to blame.
The largest number of jobs was added in the hospitality sector, around 164,000. In the manufacturing industry, employment increased by 60,000, of which almost half was accounted for by car production. The construction industry generated 44,000 new jobs.