Washington, November 6 Data released by the US Department of Labor on the 6th showed that the unemployment rate in the United States fell by 1 percentage point from the previous month to 6.9% in October, the sixth consecutive month of decline, but the United States has recently confirmed Coronavirus. The surge in cases has added challenges to the recovery of the job market.
Data show that in October, the unemployment rate in the United States dropped significantly from the previous month, and the number of new jobs in the non-agricultural sector reached 638,000. Among them, the leisure and hotel industry added 271,000 jobs, the professional and business service employment population increased by 208,000, and the manufacturing industry added 38,000 jobs.
The data also showed that the labor participation rate in the United States rose by 0.3 percentage points from the previous month to 61.7% in October, but it was still 1.7 percentage points lower than before the pandemic. The long-term unemployed population who had been unemployed for more than 27 weeks increased by 1.2 million month-on-month to 3.6 million, accounting for 32.5% of the unemployed; the permanent unemployed population also stood at 3.7 million, 2.4 million higher than the level in February, highlighting US employment The market is still fragile. At the same time, the unemployment rates of African Americans, Latino Americans, and whites were 10.8%, 8.8%, and 6%, respectively, indicating that the recovery of the US job market is uneven.
Analysts pointed out that the US job market continues to recover, but the number of new confirmed cases of Coronavirus has recently hit new highs, adding challenges to further improvement of the job market. At the same time, the U.S. Congress has been slow to reach an agreement on a new round of fiscal stimulus, restricting the flow of funds to the unemployed and companies affected by the pandemic, which is not conducive to the continued recovery of the job market.
The Chairman of the US Federal Reserve Board Powell said at a press conference after the monetary policy meeting on the 5th that the recovery of the US job market is “only half completed at best.” There is a risk of further spread of the pandemic, which will put pressure on the continued economic recovery.