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October jobs report: US economy added 165,000 jobs last month
Fox Business • • business
Key Points:
- The U.S. economy added 165,000 jobs in October 2026, significantly exceeding the 65,000 jobs expected by economists, with the unemployment rate falling slightly to 4.1%.
- Private sector payrolls grew by 159,000 jobs, led by strong gains in professional and business services, healthcare, manufacturing, and transportation, while government jobs saw a modest increase of 6,000.
- Long-term unemployment remained steady at 2 million, and part-time workers seeking full-time jobs increased by 339,000; labor force participation and employment-population ratios showed little change.
- Average hourly earnings rose 3.1% year-over-year, surpassing expectations, indicating continued wage growth amid a robust labor market.
- Experts view the report as evidence of a resilient economy, increasing the likelihood of a Federal Reserve interest rate hike in December, with markets reacting positively to the strong jobs data.
