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U.S. economy added 638,000 jobs in October

Nov. 06, 2020 01:34PM EST
Dan Ackermann

The U.S. added 638,000 jobs in October, while the unemployment rate fell to 6.9% from 7.9%, the Labor Department said on Friday.

Why it matters: The pace of job gains is slowing on the back of rising coronavirus cases and expiring stimulus measures.

The big picture: The report — the latest read on the pandemic-hit labor market under President Trump — comes as results of the presidential election remain unclear, though Joe Biden could be closing in on a victory.

  • A weakening labor market is "an urgent problem facing whoever will be in the White House," Dean Baker, an economist at the Center for Economic and Policy Research, told Reuters.

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Immigration's role in America's labor shortage

America's labor shortage crisis has been exacerbated by immigration restrictions that have reduced the number of both skilled and unskilled workers.

Between the lines: Most of the labor scarcity blame has been aimed at expanded unemployment benefits, hard-to-find child care and low wages. But there is a fourth leg to the stool.

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AOC urges U.S. Anti-Doping Agency to end Sha'Carri Richardson's suspension

Reps. Alexandria Ocasio-Cortez (D-N.Y.) and Jamie Raskin (D-Md.) sent a letter to the U.S. Anti-Doping Agency encouraging the group to rethink sprinter Sha'Carri Richardson's one-month suspension for recreational marijuana use.

What they're saying: "We urge you to reconsider the policies that led to this and other suspensions for recreational marijuana use, and to reconsider Ms. Richardson’s suspension. Please strike a blow for civil liberties and civil rights by reversing this course you are on," Ocasio-Cortez and Raskin said.

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The high stakes of Branson and Bezos' race to space

When Jeff Bezos and Richard Branson take flight aboard the rockets their companies built, the hopes and dreams of a burgeoning industry will be flying with them as well.

Why it matters: Accidents or errors on these high-profile flights from Virgin Galactic or Blue Origin could derail their plans — and possibly affect others' plans — for commercial space tourism and travel.

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