U.S. Jobs Jump 165,000 in October
Employer hiring beat forecasts, though a secondary unemployment measure rose to 7.9%.
By Sarah Reynolds ·
The U.S. economy added 165,000 jobs in October, the Bureau of Labor Statistics reported on Friday.
This figure was nearly three times the 59,000 jobs that economists surveyed by Dow Jones had predicted, according to CNBC.
The unemployment rate dropped from 4.2% in September to 4.1% in October.
However, the U-6 rate, which includes discouraged workers and those working part-time for economic reasons, increased from 7.6% to 7.9%.
The report also included upward revisions for the two months prior. August job gains were adjusted up by 53,000, moving from 133,000 to 186,000. September gains were revised up by 31,000, changing from 29,000 to 60,000. These adjustments mean employers added 84,000 more jobs in those two months than previously recorded.
Professional and business services led the October increase with 70,000 new positions. Health care followed with 42,000 jobs, while transportation and warehousing added 25,000. Manufacturing contributed 19,000 jobs.
Average hourly earnings rose 3.1% from a year earlier. This figure exceeded economist expectations but remained below the latest reported inflation rate. The October consumer price report is scheduled for release on Tuesday.
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