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US Economy Adds 165,000 Jobs in October, Surpassing Expectations
· Confirmed
In Short: The U.S. economy added 165,000 jobs in October, exceeding economists' forecasts of around 65,000 new jobs.
The U.S. Economy added 165,000 jobs in October, according to a report released Friday by the U.S. Bureau of Labor Statistics (BLS). This figure significantly exceeded economists' expectations of around 65,000 new jobs.
The unemployment rate remained steady at 4.1%, unchanged from the previous month. The report also showed that average hourly earnings for employees on private nonfarm payrolls increased by 14 cents, or 0.4%, to $38.00 in October.
Professional and business services led the job growth, adding 70,000 jobs in October. Health care also saw significant gains, adding 42,000 jobs, marking the third consecutive month of job gains.
Transportation and warehousing employment increased by 25,000 jobs, primarily reflecting additional hiring among couriers and messengers. Manufacturing employment continued to rise, adding 19,000 jobs.
The BLS revised employment figures for August and September upward by a combined 84,000 jobs, indicating that the labor market had performed better than previously reported.
The long-term unemployment rate rose to 27.6% in October, from 27.1% the month prior, indicating that some workers are still facing challenges in finding employment.
Job growth expanded across a range of sectors, with private payrolls growing by 159,000 jobs in October, well above the 64,000 expected by economists polled by LSEG.
Background
The Bureau of Labor Statistics (BLS) reported Friday that employers added 165,000 jobs in October, far surpassing economists' expectations of around 65,000 new jobs.
What's confirmed
- WASHINGTON, D.C. — The U.S. economy delivered a stronger-than-expected jobs report in October, with employers adding 165,000 jobs as the unemployment rate declined.
- Employers added 165,000 jobs in October, according to a report Friday from the Labor Department.
What's still developing
- The sector’s average monthly increase over the previous year was 15,000 jobs.
- The NFP exceeded the market consensus of 65,000 by a wide margin, signaling a resilient economy despite persistent price pressure and other macro concerns.
- October’s NFP print followed the 60,000 increase recorded in September, which was revised up from 29,000.
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