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U.S. Labor Market Extends Gains, Jobless Rate Declines to 6.9%

  • Payrolls rise 638,000, exceeding estimates for 580,000
  • Number of long-term unemployed rises by more than 1 million
    
Photographer: Logan Cyrus/Bloomberg
Updated on

The U.S. labor market strengthened in October, defying expectations for more subdued gains amid an intensifying pandemic and lack of additional fiscal relief.

Nonfarm payrolls increased by 638,000 after an upwardly revised 672,000 gain the prior month, according to a Labor Department report Friday. That compared with the 580,000 median estimate of economists surveyed by Bloomberg, and reflected a decline of 147,000 in temporary Census workers.