AP Explains: 5 key takeaways from the October jobs report

WASHINGTON (AP) — The American job market is clawing its way back — steadily if slowly — from the devastation inflicted by the coronavirus-caused recession. What no one knows is just how long it might take for workers to be made whole.

In October, the government said Friday, employers added 638,000 jobs. It was a solid gain, more than economists had expected. And it was even stronger than the headline number suggested.

Yet even with last month's hiring, the economy has regained barely 12 million of the 22 million jobs it lost in March and April, when the virus suddenly paralyzed much of the economy.

Now, a surge of confirmed infections to record highs — which could accelerate as the weather gets colder — threatens the tentative economic comeback. So does Congress’ failure to provide another jolt of aid for individuals and businesses now that a multi-trillion-dollar financial rescue package enacted in March has expired.

Much of the job market's improvement thus far comes from businesses bringing back employees they had furloughed in the spring. But many job losses have turned permanent: The number of Americans who have been unemployed for six months or longer jumped by 1.2 million — 48% — in October.

“Our next president will undoubtedly inherit a challenging labor market in which millions of Americans remain unemployed,’’ said Karen Fichuk, CEO of Randstad North America, which manages hiring for technology, engineering and manufacturing companies

Here are five takeaways from the October jobs report:

UNEMPLOYMENT PLUNGED

The unemployment rate tumbled to 6.9% last month from 7.9% in September. That sharp drop occurred even as the number of Americans who are either working or looking for work rose by 724,000.

A big increase like that could cause...