US non-farm payroll employment grew 531k in October, better than expectation of 425k. Prior month’s figure was also revised sharply higher from 194k to 312k. Thus far this year, monthly job growth averaged 582k. Total non-farm employment was still -4.2m, or -2.8% from its pre-pandemic level in February 2020.
Unemployment rate dropped from 4.8% to 4.6%, below expectation of 4.7%. Labor force participation rate was unchanged at 61.6%. Average hourly earnings rose 0.4% mom, matched expectations.
