Hiring held last month but signs of caution as virus worsens
WASHINGTON (AP) — Defying fears of another slowdown, U.S. businesses kept hiring at a solid pace in October. Yet there are signs they remain cautious about the economy’s future as the pandemic worsens.
The Labor Department said Friday that employers added 638,000 jobs and the unemployment rate tumbled a full percentage point to 6.9%, extending what has been a faster recovery than many economists expected in the spring.
But the pace of hiring isn’t robust enough to rapidly soak up the millions of Americans who were thrown out of work by the pandemic recession.