Following on the heels of a very disappointing September, total nonfarm payroll employment rose by 261,000 in October, the U.S. Bureau of Labor Statistics reported this morning. The unemployment rate ticked down to 4.1 percent, reaching its lowest level since December 2000.
Employment in food services and drinking places increased sharply, mostly offsetting a decline in September that reflected the impact of Hurricanes Irma and Harvey. In October, food services and drinking places added 89,000 workers, after a decrease of 98,000 in September, when workers were cut because of the hurricanes.
In addition, September’s payrolls data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy’s streak of job gains to a record 85 straight months. When combined with August and September’s job growth, the economy added jobs over the last three months at a pace of 162,000 a month.
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