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U.S. economy added 165,000 jobs
CNBC • • general
Key Points:
- The U.S. economy added 165,000 jobs in October, significantly surpassing expectations of 59,000, while the unemployment rate fell to 4.1%, slightly below the forecasted 4.2%.
- Prior months' job gains were revised upward, with August increasing by 53,000 to 186,000 and September by 31,000 to 60,000, indicating stronger labor market momentum.
- Wage growth also exceeded estimates, with average hourly earnings rising 0.4% monthly and 3.1% annually, and job growth was broad-based across sectors like professional services, healthcare, transportation, and manufacturing.
- The labor force participation rate increased to 61.9%, with 421,000 more people entering the workforce, although long-term unemployment rose to its highest level since September 2021, with the average duration at 27.1 weeks.
- The strong jobs report challenges fears of an economic slowdown and influences Federal Reserve policy, increasing the likelihood of a December interest rate hike amid ongoing inflation concerns.
