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The US economy added 165,000 jobs in October and the unemployment rate fell
CNN • • general
Key Points:
- The US economy added 165,000 jobs in October, exceeding expectations and lowering the unemployment rate to 4.1% from 4.2%, according to the Bureau of Labor Statistics.
- Job gains for August and September were revised upward by a combined total of 84,000, indicating stronger recent employment growth than initially reported.
- Wage growth slowed slightly to 3.1% annually, with pay increases near pre-pandemic levels, but inflation remains elevated due to factors like energy price shocks.
- The robust hiring data provides some economic reassurance amid political changes following the midterm elections, though cost of living concerns and other challenges persist for workers and employers.
- Stock futures showed mixed reactions after the report, with gains in S&P 500 and Nasdaq 100 futures contrasting with a decline in Dow futures.
