Seattle, WA Jobs Report
While more than 21 million people continue to receive unemployment benefits during the peak of the economic shutdown in the spring due to the pandemic, the unemployment rate fell rapidly to 6.9 percent, from 7.9 percent in September.
“The 638,000 rise in non-farm payrolls in October is stronger than it looks as it included a 147,000 drop in temporary Census employment and, alongside the big fall in the unemployment rate, it suggests that the labor market recovery still has plenty of momentum,” Andrew Hunter, senior U.S. economist for Capital Economics
The labor force participation rate also improved to 61.7% from 61.4%, reflecting an increase of 724,000 individuals into the civilian labor force.
“The strength of this report is really amazing in the face of rising coronavirus cases,” said Michael Arone, chief investment strategist at State Street Global Advisors. The U.S. economy has recovered two-thirds of the ground it lost during the first half of the year.
*The following chart displays the latest local job growth by sector compared to the previous month. Note that if a sector experienced losses or flat growth, it will not be displayed as part of the graphic.
BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.