Unemployment drops to 6.9% and US adds a solid 638,000 jobs The U.S. job market showed a burst of strength in October, with employers adding 638,000 jobs and the unemployment rate tumbling to 6.9%WASHINGTON -- The U.S. job market showed a surprising burst of strength in October, with employers adding 638,000 jobs and the unemployment rate tumbling to 6.9%. The report Friday from the Labor Department said the unemployment rate sank a full percentage point from 7.9% in September. At the current pace of hiring, it would take until February 2022 to regain the jobs lost to the pandemic. The job market and the overall economy remain under intensified pressure from the accelerating pandemic. The unemployment rate for Black workers, at 10.8%, fell sharply in October but remained much higher than for whites, which dropped to 6%.

Source: ABC News November 06, 2020 05:07 UTC