US economy added 531,000 jobs in October, exceeding expectations

The federal government said Friday the U.S. economy in October added 531,000 jobs, exceeding expectations of roughly 450,000 new hires.

The number of new non-farm payroll jobs last month compares to just 194,000 new jobs added in September.

The report by the Bureau of Labor Statistics also shows the unemployment rate last month was 4.6%, down from the September rate of 4.8%, as the U.S. and global economies continue to try to return to pre-pandemic levels.