Pedestrians walk through the Georgetown neighborhood of Washington, D.C., amid the coronavirus pandemic.
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Sipa USA/Graeme Sloan
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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.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
Sipa USA/Graeme Sloan

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