Unemployment in the US in October fell to 6.9%

According to the US Department of Labor, the number of jobs in the economy in October increased by 638 thousand. Unemployment fell to 6.9% compared to 7.9% in September. Analysts on average predicted an increase in the first indicator by 530 thousand and a fall in the second to 7.6%.

Despite the positive data, the increase in the number of jobs in October was the smallest in the last six months. In September, the figure increased by 672 thousand.

Experts note that the American labor market continues to recover from the coronavirus crisis, although the pace of employment growth is slowing. In April, unemployment jumped to 15%, having almost halved in October. However, it is still far from the pre-crisis level of 3.5%.

At the moment, the American labor market has returned more than half of the jobs (12 million out of 22 million) lost in March and April as a result of quarantine measures.

Average hourly wages in the United States in October increased by 4 cents (0.1%) compared to the previous month – to $ 29.5. Compared to October 2019, it grew by 4.5%.