U.S. employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter.
Nonfarm payrolls increased by 531,000 jobs last month, the Labor Department said on Friday. Data for September was revised higher to show 312,000 created instead of the previously reported 194,000. Economists had forecast payrolls rising by 450,000 jobs. Worker shortages persisted, even as federal government-funded unemployment benefits wound down in early September and schools reopened.