US job growth picks up in October; unemployment rate falls to 4.6%

The faster pace of hiring shows that more Americans returned to workplaces as Covid-19 cases declined

US employment increased more than expected in October as the headwind from the surge in COVID-19 infections over the summer subsided, offering more evidence that economic activity was regaining momentum early in the fourth quarter.

Nonfarm payrolls increased by 531,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Data for September was revised higher to show 312,000 created instead of the previously reported 194,000.

Economists polled by Reuters had forecast payrolls rising by 450,000 jobs. Estimates ranged from as low as 125,000 jobs to as high as 755,000. Worker shortages persisted, even as federal government-funded