U.S. job market adds 165,000 jobs in October, unemployment rate drops to 4.1%
The Labor Department reported 165,000 new jobs in October and a decline in the unemployment rate to 4.1%, surpassing forecasts.
The U.S. Labor Department said the economy created 165,000 jobs in October, while the unemployment rate fell to 4.1% from 4.2%, according to the Bureau of Labor Statistics. Revised data showed that August employment was increased by 53,000 to 186,000 and September gains were revised up to 60,000, adding a total of 84,000 jobs for the two months preceding October.
FactSet’s consensus forecast had projected 65,000 jobs for October and a 4.2% unemployment rate. Annual wage growth eased to 3.1% from a revised 3.2%, keeping pay gains near pre-pandemic levels despite higher inflation.
"The better-than-expected hiring offers some reassurance for an economy entering a new political chapter after the Democrats’ sweep in the midterm elections," the report noted.
Stock-market futures reacted modestly: S&P 500 futures rose 0.2%, Nasdaq 100 futures gained 1.5% after a recent tech sell-off, and Dow futures slipped 0.87%.
The report will be updated as new information becomes available.