The US unemployment rate made another sizeable drop, falling to 6.9% from 7.9% in September.
US nonfarm payrolls rose by +638,000 in October compared to September, slightly ahead of market expectations, reported the US Bureau of Labor Statistics Friday.
The stronger than expected job growth came as notable job gains in leisure and hospitality, professional and business services, retail trade, and construction more than offset a steep drop in government employment.
US construction employment posted a healthy gain in October 2020, up +84,000 compared to September.
Moreover, residential construction posted a year-over-year employment gain: +11,500 more jobs in October 2020 compared to October 2019.
In the payrolls data, healthy jobs gains were seen in leisure and hospitality, up +271,000, professional and business services, up +208,000, retail trade, up +104,000, and construction +84,000.