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Financial News: U.S. Employment Jumps More Than Expected In October

U.S. Employment Jumps More Than Expected In October

11/06/2020 - 08:42:00 (RTTNews)

(RTTNews) - Employment in the U.S. increased by more than expected in the month of October, according to a closely watched report released by the Labor Department on Friday.

The report said non-farm payroll employment jumped by 638,000 jobs in October after surging up by a revised 672,000 jobs in September.

Economists had expected employment to increase by 600,000 jobs compared to the addition of 661,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate dropped to 6.9 percent in October from 7.9 percent in September. The unemployment rate was expected to slip to 7.7 percent.

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