Bars and restaurants in the US added 192,000 jobs in October

09 November, 2020

Restaurants and bars in the US added 192,000 jobs in October, according to a new report from the Bureau of Labor Statistics.

In a month that saw the unemployment rate drop to 6.9% from 7.9%, 271,000 jobs were added in the hospitality sector.

In a statement, the Department of Labor described the job increase in the hospitality sector as 'remarkable'.

Leisure and hospitality have added 4.8 million jobs since April but remains 3.5 million jobs short of the employment level in February.

However, as winter approaches many jobs in the industry will become vulnerable.

"With colder weather setting in, it will be more difficult for businesses that relied on outdoor spaces — particularly restaurants and other leisure businesses — to continue to respect social distancing measures and remain open," said Cailin Birch, global economist at The Economist Intelligence Unit.

Employment could see another boost from the so-called Biden Bounce which has seen a lift in global stock markets with US shares having their best five-day run since April.

Alongside the belief that the US president-elect will bring stability to the economy, the markets also responded positively to Congress being split, which should ensure interest rates remain low for longer.





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Nick Strangeway

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