The just-released October jobs report reflects a workforce that is returning to work, from extended unemployment benefits, at a much faster than expected pace! October jobs were expected to increase by 450,000 – but came in with a 531,000 increase. The unemployment rate also fell from 4.8% to 4.6%. The September jobs report was also revised up to 312,000, from the initial report of 194,000, jobs gained.

These reports show clearly that our nation’s economy has significantly more underlying strength than skeptics believe. It also validates our firm’s often repeated assertion that the expiration (on September 6, 2021) of enhanced, and extended, federal unemployment benefits, would result in Americans rapidly returning to work. Folks, this is also an indication that the supply chain problem is going to be resolved a whole lot earlier than is currently expected!

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