Chart of the Day: Net New Jobs in October

The American economy gained 245,000 jobs last month and the unemployment rate declined slightly to 6.7 percent:

Overall, we’ve lost about 10 million jobs in 2020. As always, though, I’d caution everyone not to read too much into these numbers. November’s job gains are disappointingly small, but there’s really no reason to think we’re going to get the bulk of the lost jobs back until the middle of next year, when (hopefully) the pandemic recedes.

Nearly every industry showed (small) gains from October with one exception: government. We should expect that to continue unless Congress passes a relief bill that includes money for states and cities.

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