Private Payrolls Grew Faster Than Expected In October, Fueled By Restaurant Job Growth, But Big Govt. Job Hit

The Bureau of Labor Statistics October jobs report shows employment in the two major components of the labor market are diverging. Nonfarm private payrolls added 906,000 jobs, ahead of most economists’ expectations and slightly faster than September. The gains came despite a rise in coronavirus cases. But government shed 268,000 jobs including 159,000 in local…