The October job reports provides the first real snapshot of the labor market after the end of federal enhanced unemployment benefits. And what do you know? Job growth beat expectations for a change.
Private payrolls jumped 604,000 while the unemployment rate fell to 4.6% from 4.8%. Total jobs were revised upward by 235,000 for August and September due in part to recalculation of seasonal factors. Growth was especially strong in leisure and hospitality (164,000), manufacturing (60,000), transportation (54,000), construction (44,000) and healthcare (37,000).