• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
US Job Growth Slows in October, Part-Time Workers Increase

US Job Growth Slows in October, Part-Time Workers Increase

November 6, 2020
LaMonica McIver Indicted For Alleged Assault On Immigration Officers

LaMonica McIver Indicted For Alleged Assault On Immigration Officers

June 10, 2025
Trump Pick To Face Democrat Lawmaker In Key Governor’s Showdown

Trump Pick To Face Democrat Lawmaker In Key Governor’s Showdown

June 10, 2025
Democrat Mayor Finally Slaps Curfew On Parts Of LA After 5 Days Of Riots

Democrat Mayor Finally Slaps Curfew On Parts Of LA After 5 Days Of Riots

June 10, 2025
‘Flesh-Eating Parasite’ Menaces American Beef Industry

‘Flesh-Eating Parasite’ Menaces American Beef Industry

June 10, 2025
USDA Says It Will Shore Up American Food Security Following Chinese ‘Agroterrorism’ Scare

USDA Says It Will Shore Up American Food Security Following Chinese ‘Agroterrorism’ Scare

June 10, 2025
EXCLUSIVE: Mike Rogers Demands Probe Of Potential Chinese Espionage At University Of Michigan

EXCLUSIVE: Mike Rogers Demands Probe Of Potential Chinese Espionage At University Of Michigan

June 10, 2025
EXCLUSIVE: Young Kim Puts Dems’ Condemnation Of Violent LA Riots To The Test

EXCLUSIVE: Young Kim Puts Dems’ Condemnation Of Violent LA Riots To The Test

June 10, 2025
Trump Promises To Restore Original Confederate Names To Slew Of Military Bases

Trump Promises To Restore Original Confederate Names To Slew Of Military Bases

June 10, 2025
House Passes Bill To Keep Non-Citizens Out Of DC Elections

House Passes Bill To Keep Non-Citizens Out Of DC Elections

June 10, 2025
Judge Rejects California’s Attempt To Halt Trump’s Military Deployment

Judge Rejects California’s Attempt To Halt Trump’s Military Deployment

June 10, 2025
Democrats Blame Grid Operator For Energy Crisis Of Their Own Making

Democrats Blame Grid Operator For Energy Crisis Of Their Own Making

June 10, 2025
87-Year-Old Dem Shuts Down Concerns Over Age, Intends To Run For 19th Term

87-Year-Old Dem Shuts Down Concerns Over Age, Intends To Run For 19th Term

June 10, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Wednesday, June 11, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

US Job Growth Slows in October, Part-Time Workers Increase

by Reuters
November 6, 2020 at 10:17 am
in News
250 2
0
US Job Growth Slows in October, Part-Time Workers Increase

FILE PHOTO: People wait in line to enter the Nassau County Mega Job Fair at Nassau Veterans Memorial Coliseum in Uniondale, New York, U.S. October 7, 2014. REUTERS/Shannon Stapleton

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The U.S. economy created the fewest jobs in five months in October and more Americans are working part time, the clearest evidence yet that the recovery from the pandemic recession was slowing as fiscal stimulus ends and new COVID-19 cases explode.

The Labor Department’s closely watched employment report on Friday also showed 3.6 million people were out of work for more then six months, underscoring the challenges the next president, whether it is incumbent Republican Donald Trump or Democrat Joe Biden, confronts to keep the economy growing as it heals from the deepest recession since the Great Depression.

Biden edged closer to winning the White House early on Friday as he took a narrow lead over Trump in the battleground state of Georgia. Trump on Thursday alleged fraud without providing evidence, filing lawsuits and calling for recounts in a race yet to be decided since polls closed on Tuesday.

Nonfarm payrolls increased by 638,000 jobs last month after rising by 672,000 in September. That was the smallest gain since the jobs recovery started in May and left employment 10.1 million below its peak in February. A 271,000 increase in leisure and hospitality jobs accounted for about two-fifths of the payrolls gain last month.

Employment in professional and business services increased by 208,000, with about half of the job gains in temporary help services. Government payrolls fell 268,000, weighed down by the departure of temporary workers hired for the 2020 Census and further job losses at cash-strapped state and local governments.

Economists polled by Reuters had forecast payrolls advancing by 600,000 jobs in October.

A contested election reduces the chances of another coronavirus rescue package from the government this year. Even if more fiscal policy is agreed on, it will likely be smaller than had been anticipated before the election.

That will shift the spotlight to the Federal Reserve. The U.S. central bank kept interest rates near zero on Thursday. Fed Chair Jerome Powell acknowledged the pace of improvement in the economy and labor market had moderated, noting that the recovery would be stronger with more fiscal support.

U.S. stocks took a breather on Friday after surging more than 7% this week. The dollar fell against a basket of currencies. U.S. Treasury prices were lower.

LONG BOUTS OF UNEMPLOYMENT

More than $3 trillion in government pandemic relief for businesses and workers fueled a historic 33.1% annualized rate of economic growth in the third quarter. That followed a record 31.4% pace of contraction in the April-June quarter.

Lack of fiscal stimulus and spiraling new coronavirus infections across the country have put the economy on a sharply slower growth path heading into the fourth quarter. Restaurants and gyms have moved outdoors, but cooler weather and the resurgence in COVID-19 infections could leave many in trouble.

Even if states and local governments do not impose new restrictions on businesses, consumers are likely to stay away, fearing exposure to the respiratory illness. The United States set a one-day record for new coronavirus cases on Wednesday with at least 102,591 infections, according to a Reuters tally.

Though small and medium-sized businesses have suffered most from the pandemic, large corporations have not been spared. Exxon Mobil last month announced 1,900 layoffs in the United States. Boeing said it expected to eliminate about 30,000 jobs, 11,000 more than previously planned, by end-2021.

The unemployment rate fell to 6.9% from 7.9% in September. But it continued to be biased down by people misclassifying themselves as being “employed but absent from work.”

Without this recurring mistake, the government said the jobless rate would have been about 7.2% in October.

While the unemployment rate has dropped from a peak of 14.7% in April, that is not a true reflection of the labor market’s health. The number of people out of work for more than six months surged by 1.2 million to 3.6 million in October.

The number of people working part time for economic reasons increased by 383,000 to 6.7 million, reflecting reduced hours because of slack work or business conditions.

At least 21.5 million people were receiving unemployment benefits in mid-October. Many people, mostly women, have dropped out of the labor force to look after children or because they fear contracting the virus.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

Tags: 2020 Presidential ElectionCoronavirus OutbreakEconomy
Share196Tweet123
Reuters

Reuters

Reuters is an international news organization.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th