The unemployment rate reached 3.7% in the month of October as payrolls rose by 261,000, according to a Friday report from the Bureau of Labor Statistics.
The health care sector saw the most robust employment gains, while professional services and manufacturing likewise witnessed notable increases. The hospitality industry continues to suffer most from labor shortages, with employment continuing to remain well below levels seen at the beginning of 2020.
Jobless rates have remained between 3.5% and 3.7% for much of the year. The most recent figures indicate a 0.2% uptick from levels recorded in September.
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