Even amid the ongoing coronavirus pandemic and the restrictive measures that have kept Americans tethered, the U.S. economy regained more than half a million jobs in October and the unemployment rate fell sharply once again to 6.9%.
The U.S. Bureau of Labor Statistics announced Friday the country added around 638,000 jobs last month, blowing through what economists had forecasted, according to MarketWatch.
They previously projected, according to the Wall Street Journal, the economy would add only 530,000 jobs and unemployment would fall to 7.7%. Friday’s numbers bested those estimations.
The announcement about the new jobs comes not long after the U.S. Department of Commerce announced at the end of October the economy grew by a staggering 33.1% in the third quarter of the year.
In addition, private-sector payrolls increased by a higher-than-anticipated 906,000 in October. The impressive economic surge will undoubtedly help the next occupant of the White House.
As of this story’s publication, Democratic presidential nominee Joe Biden appeared poised to win the election.