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Despite concerns over a recession in the coming months, the U.S. job market continued to grow throughout the month of October.
According to the Bureau of Labor Statistics, the U.S. added 261,000 payrolls last month, above expert forecasts of 200,000.
“In October, notable job gains occurred in health care, professional and technical services, and manufacturing,” the organization stated.
While education and healthcare saw their payroll grow by 79,000 in October, the leisure and hospitality industry continued to increase at a slower pace and still remains below pre-pandemic levels.
Unemployment also saw a slight increase of 3.7% from 3.5% in September, above the 3.6% forecasts economists predicted.
David Kelly, chief global strategist at JPMorgan Asset Management, recently told Business Insider that a recession can be skirted if this trajectory continues.
“We have some antidotes to a recession, which are really important here, and that’s what’s kind of keeping this economy growing,” said Kelly. “[It’s] very hard to tumble into a recession whenever we start to hire people.”
