October job growth exceeds expectations

The U.S. economy added 531,000 nonfarm payrolls in October, according to the Bureau of Labor Statistics, and the unemployment rate edged down 20 basis points to 4.6 percent.

The report was stronger than some forecasts, and the total job gains in August and September were also revised upward dramatically. Job growth in August was revised upward by 117,000 to 483,000, and the gains in September were revised upward by 194,000 to 312,000 — a total of 235,000 more jobs than previously reported.

In a Nov. 2 research briefing, Oxford Economics noted, “While the lack of available workers continues to restrain hiring, the expiration of supplement unemployment benefits, the return to in-person schooling, and improving health conditions likely helped bring back workers.”

The BLS also reported ongoing wage growt