IMCV - The Job Market Is Wide Open To Anyone Willing To Work

• ADP reported that 571,000 new private payroll jobs were created in October, substantially higher than economists’ consensus estimate of 395,000. This was the strongest ADP private payroll report in the past four months.
• The Labor Department also reported that weekly unemployment claims declined to 269,000 in the latest week. It also reported that 531,000 net new payroll jobs were added in October, substantially more than the economists’ consensus estimate of 450,000.
• But even with these positive payroll reports for the past three months, the U.S. economy is still four million jobs short of where it was prior to the pandemic.
• While U.S. growth slowed dramatically in Q3, the eurozone’s GDP surged at an annual rate of 9.1% in the quarter according to Eurostat, but Europe is climbing out of a deeper economic hole than the U.S. and has yet to exceed pre-pandemic levels.

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