The U..S. economy recorded an increase of 531,000 jobs in October, and unemployment fell by 0.2% as the labor market recovers from the summer lows, according to the U.S. Bureau of Labor Statistics (BLS).
The number of unemployed people fell to 7.4 million, down from 7.7 million in September, according to the BLS report released Friday. Economists surveyed by Dow Jones projected 450,000 jobs would be added in October.
While unemployment claims continue to fall, the country still struggles with labor shortages, supply chain issues and growing inflation. Job growth was widespread throughout the economy in October, with leisure and hospitality adding 164,000 jobs, professional and business adding 100,000 and manufacturing adding 60,000 jobs, according to the BLS report.
American Airlines canceled 340 flights on Monday after cutting almost 2,000 flights during the weekend due to staffing shortages and weather delays, multiple sources reported.
The airline cut 343 flights Friday, 548 Saturday, and over 1,000 Sunday, according to American Airlines data obtained by the Daily Caller News Foundation.
The company canceled 2,291 flights as of Monday morning, representing over 10% of its schedule.
Southwest Airlines announced Thursday that it would adjust its December flight schedule to adjust for ongoing labor shortages.
Southwest canceled over 2,000 flights on Oct. 10 and 11, costing the company over $75 million, according to Southwest’s Q3 earnings report. The airline attributed the canceled flights to weather and air traffic control issues but later admitted to experiencing a labor shortage, The Wall Street Journal reported.
The airline expects to cut its Q4 flight schedule by 8% from 2019, compared to a 5% reduction the company initially planned for, according to the WSJ. The company also expects a decline in staffing compared to its historical average, according to its Q3 earnings report.
Maryland officials say they suspect over 508,000 new, potentially fraudulent unemployment claims have been filed since May.
The announcement Monday followed the state saying it has verified over 1.3 million fraudulent claims since the beginning of COVID-19 pandemic.
The most common means of filing a fraudulent claim is identity theft, according to CNN.
Lumber prices have begun to drop following record highs, with futures closing Monday at their lowest price in over two months.
Lumber futures reached their highest-ever price in early May according to Nasdaq, trading at $1,711.20 per thousand board feet. Futures closed Monday at $966.20 per thousand board feet, still well above pre-pandemic levels which hovered around $400.
Prices skyrocketed due to a variety of factors, including supply chain disruption due to COVID-19 restrictions, labor shortages, and higher demand due to the surge in the housing market, according to a report by Wells Fargo economists. The report noted that while prices were unlikely to return to pre-pandemic levels, restarting domestic lumber production and restoring domestic supply chains would stabilize the market.