Fully Recovered Job Market Now Within Sight

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8

That’s how few months it may be before the U.S. job market is fully recovered from the pandemic—a big improvement over the more than two years it might have taken before a government report released Friday changed the outlook.

The economy added 531,000 jobs in October—the most since July—as fallout from a late summer surge in COVID-19 cases faded, the latest data from the Bureau of Labor Statistics showed Friday. If the pace of monthly job growth continues at this pace, the U.S. will have recovered all 22.4 million jobs lost in the pandemic by June of next year. By contrast, had we continued at the previously reported September pace (it was revised up with the latest October numbers), the hole wouldn’t have been filled until December 2023. 

“The release of the October report markedly changed the tone for the labor market,” said Sophia Koropeckyj, a managing director for Moody's Analytics, in a commentary.

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