Hopes rise for US jobs growth after slowdown in recovery

Economists expect US jobs growth to have picked up after two straight months of disappointing gains, as Covid-related concerns that have kept workers on the sidelines ease further. According to a consensus forecast compiled by Bloomberg, employers in the world’s largest economy are expected to have added 450,000 jobs in October, more than double the disappointing 194,000 positions created the previous month but still short of the roughly 560,000 monthly average seen since the start of the year. The unemployment rate is expected to have taken another leg lower in October, falling to 4.7 per cent. That is down from 4.8 per cent in September and well below June’s level of 5.9 per cent. The data, which will be released by the Bureau of Labor Statistics at 8.30am US eastern daylight saving time on Friday, comes at a critical moment for the labour market recovery, which has lost momentum in recent months. … (Excerpts from the Financial Times)