Good morning, and have I some good news for you.
The American economy grew. It really did.
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A handful of industries that have sustained the most damage from the pandemic reported the biggest job gains in October, pointing to an improving economy despite Covid-19’s surging numbers nationwide.
Travel and leisure companies added 271,000 jobs last month, retail added 104,000 positions and construction gained 84,000 jobs, according to data released Friday from the U.S. Department of Labor.
Overall, employment in the U.S. rose by 638,000 last month; the unemployment rate dipped to 6.9 percent, a point lower than in September. Government employment, however, fell by 268,000, with about half of those job cuts coming from temporary census positions.
In the construction industry, 789,000 jobs have been added in the last six months, but employment remains down by 294,000 since February.
Major hurdles lie ahead, as the wave of recent virus infections could put the brakes on business activity. And in many parts of the country, winter weather will constrain restaurants that have leaned heavily on outdoor dining to keep customers at the table.