The Unemployment Rate Declined to 4.6% in October 2021

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The unemployment rate declined by 0.2 percentage points to 4.6%, according to the publication of the Bureau of Labor Statistics. The total non farm employment rose by 531,000 in October. In October 2021, the most important job gains occurred in the leisure and hospitality, but it was widespread.

The labor force participation rate remained the same at 61.6 % in October and has kept stable since June 2020. The participation rate was 63.3 % in February 2020.

The unemployment rate has continued to decrease, and has started to approach the pre-pandemic levels. What still needs to achieve the pre-pandemic levels is the labor force participation

The official unemployment rate of the United States is the U3 rate. Please refer to this post for an explanation.

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