US Unemployment Rate Unexpectedly Tumbles Below 7% As October Payrolls Beat Expectations Tyler Durden Fri, 11/06/2020 - 08:36 Heading into today's payrolls report, the high frequency data showed a marked deceleration of employment-linked indicators as the benefits from the stimulus faded... ... with Goldman warning that the October payrolls result could be a substantial disappointment. However, that was not the case with the BLS reporting that in October, the US economy added a stronger than expected 638K jobs, which while below last month's 672K (revised) payrolls... ... was a 58K beat relative to expectations of 593K. But while the payrolls was indeed better than many had expected, and certainly stronger than the whisper number, it was the unemployment rate that had the most surprising move, tumbling by 1% from 7.9% to 6.9%, and far below the 7.6% expected. This was as a result of a sharp drop in the number of people unemployed, which declined by 1.5 million from 12.580MM to 11.06MM in October, while the civilian labor force increased modestly from 160.1MM to 160.9MM. Developing