The October 2020 employment report was very strong all around. The economy gained 638,000 jobs vs expectations of 530,000, while the unemployment rate plummeted from 7.9% to 6.9%, much better than expectations of 7.6%.
Economic Analysis: Q3 2020 GDP Report & Looking Ahead
Q3 revealed strong domestic demand, but the rebound is short-lived as Q4 macroeconomic conditions are much less favorable for growth. With the absence of any new fiscal stimulus before year-end, the progress of the US job market stalled, and political uncertainties underway, the recovery should be much slower in Q4 2020.