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US makes solid job gains in October but millions are still on the sidelines

Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)

The US labor market accelerated in October, reversing the slowdown in job growth in August and September. The employer survey showed that the US economy added 531,000 jobs in October, slower than the average pace of more than one million in June and July but faster than the upward-revised 398,000 in August and September. The unemployment rate continued its steady fall, hitting 4.6 percent, while the labor force participation rate was flat. Nominal wages continued their strong growth in October, rising by 0.4 percent.

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