Employment Picture Brightens in October
Nonfarm payrolls grew by 638k last month, bettering the median forecast of 580k, while the unemployment rate plunged from 7.9% to 6.9%. The headline numbers impressed, and the underlying data indicated further labor market health. The driving force behind the large drop in unemployment was a whopping 2.2 million jobs added in the household survey. By comparison, just 275k household jobs were added in September. The labor force participation rate rose from 61.4% to 61.7% as 724k hopeful Americans resumed their job search.