US employers added 531,000 jobs in October. Moreover, the lousy months of August and September were upwardly revised by 235,000, leaving the jobs number just 18.6%, or 4.2 million, below its pre-Covid-19 high. Unfortunately, the labor force grew by just 104,000 and the labor force participation remains stuck at 61.6%, down from 63.3% in 2/20. Thus, wages are up 4.9% Y-o-Y, and in non-management leisure & hospitality, by a stunning 12.4%.