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Published 9:18 AM, November 5, 2021
Below, EPI economists provide their preliminary insights on the October employment report released this morning. After disappointing employment growth data in August and September, 531,000 new jobs were added in October.
From Elise Gould, Senior Economist at EPI (@eliselgould):
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Private employment increased by 604,000 in October, while government employment fell by 73,000. The losses in the public sector are mainly state and local education jobs, partly because seasonal adjustment factors have lowered the otherwise modest gains.Look https://t.co/B1Ft2TdRrS
-Elise Gould (@eliselgould) November 5, 2021
These gratifying gains were made on the basis of the significant improvement at the beginning of the summer, and the recovery seems to be back on track. Despite this, there are still serious employment gaps, especially in the leisure and hospitality industry, as well as education and employment in the private and public sectors. pic.twitter.com/n8CXCESJVf
-Elise Gould (@eliselgould) November 5, 2021
As the labor force participation rate did not change, the unemployment rate continued to drop to 4.6% in October. Unfortunately, this improvement has not been widely shared. It is particularly worth noting that the already high unemployment rate for blacks has not improved, stabilizing at 7.9%. pic.twitter.com/rGpMeuEdBP
-Elise Gould (@eliselgould) November 5, 2021
From EPI Chairman Heidi Shierholz (@hshierholz):
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It is worth noting that the slowdown in employment growth during the delta was accompanied by slower wage growth in most industries. 2/ pic.twitter.com/4zfBbF5kEb
-Heidi Shierholz (@hshierholz) November 5, 2021
In order for the employment of workers to continue to grow strongly, we need organizational and policy changes, such as the PRO Act, minimum wage increases, and so on. 4/
-Heidi Shierholz (@hshierholz) November 5, 2021
Due to COVID, 4.4 million workers have lost the labor force (for example, if the LFPR has not declined since February 2020, the labor force will increase by 4.4 million). Counting those who have been misclassified and others, the unemployment rate will be 7.3%. 7/
-Heidi Shierholz (@hshierholz) November 5, 2021
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