October Jobs Reports Shows Steady Recovery

Phil Zou
By Phil Zou
November 7, 2020NTD Business

Over 638,000 jobs were added in October, according to the U.S. Bureau of Labor Statistics.

It’s the sixth straight month jobs were added to the U.S. economy.

NTD spoke to Senior Analyst Mark Hamrick at personal finance firm Bankrate. He says that the picture is looking much better than what analysts were expecting.

Twenty-two million jobs were lost back in March.

So far, we’ve recovered 55 percent of that based on the latest report.

Hamrick says that although we are recovering, signs show the economy is still in need of another stimulus.

“There’s basically an acceptance of the idea that the economy does need some more help, even with this better-than-expected October employment report. Because we still had, as of this week, more than 20 million Americans on some form of unemployment assistance.”

Hamrick says the upcoming holidays haven’t been canceled because of the pandemic, but the way people celebrate the holidays will be very different this year.

He says some parts of the economy are doing fine, while others are struggling. Stocks and mortgages in the financial sectors are faring well, but the service sectors such as restaurants, retail, travel, and hospitality are still struggling.

Hamrick says the economic recovery is going in the right direction, but his number one advice is to always save for emergencies and retirement.

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