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US Economy Adds 165,000 Jobs in October
· Confirmed
In Short: The U.S. economy added 165,000 jobs in October, exceeding economists' forecasts.
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 far surpassed economists' expectations of around 65,000 new jobs.
Transportation and warehousing employment increased by 25,000 jobs, primarily reflecting additional hiring among couriers and messengers. Professional and business services recorded the largest reported increase among the highlighted industries, adding 70,000 jobs in October.
Manufacturing employment also continued to rise, adding 19,000 jobs. The sector’s average monthly increase over the previous year was 15,000 jobs, and the October employment increase exceeded the average monthly gain of 48,000 jobs recorded over the previous 12 months.
The unemployment rate remained steady at 4.1%, while the long-term unemployment rate—the share of workers who are unemployed for 27 weeks or longer—rose to 27.6% in October, from 27.1% the month prior.
Average hourly earnings for employees on private nonfarm payrolls increased by 14 cents, or 0.4%, to $38.00 in October. Revisions to the payroll numbers for the prior two months showed August revised up by 53,000 from a gain of 133,000 jobs to 186,000 jobs; while the change for September was revised up by 31,000 jobs from a gain of 29,000 to 60,000.
Health care remained the main driver of employment gains, with the economy adding 26,000 jobs in October, marking the third consecutive month of job gains after mostly negative readings earlier in the year.
The October employment report also showed that total nonfarm payroll employment, the number of people employed at all U.S. Businesses except farms or the military, was basically unchanged at 12,000 jobs added in October after gaining 223,000 jobs in September.
The robust job growth in October added to evidence of labor-market stability and consumer resilience, according to Jennifer Timmerman, senior investment strategy analyst at Wells Fargo. However, workers are still losing ground in the face of inflation and tighter financial conditions.
The Federal Reserve has raised the cash rate three times since the start of the year and will assess how the economy is responding. Although the latest hot inflation readings and rise in inflation expectations will concern Fed officials, they still appear broadly intent on tightening policy at a measured pace.
The strong job growth in October signals that hiring is accelerating despite headwinds such as inflation. Through October, payroll gains in 2026 have averaged around 86,000 a month, showing signs of revival after a sluggish 2025, when employers added an average of just 10,000 new jobs per month.
Background
The U.S. economy added 165,000 jobs in October, exceeding economists' forecasts of around 65,000 new jobs.
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
- The Bureau of Labor Statistics on Friday reported that employers added 165,000 jobs in October.
- 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 NFP exceeded the market consensus of 65,000 by a wide margin, signaling a resilient economy despite persistent price pressure and other macro concerns.
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- That figure was well above the 65,000 estimate of economists polled by LSEG.
- Private payrolls grew by 159,000 jobs in October, well above the 64,000 expected by economists polled by LSEG.
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- Hiring came in much hotter than expected, with economists polled by FactSet predicting the economy added 65,000 new jobs last month.