Job growth surpassed expectations in October, new data showed Friday, with the US economy adding 165,000 jobs.
The unemployment rate fell to 4.1% from 4.2%, according to Bureau of Labor Statistics data.
Job growth in the previous two months was stronger than initially reported, with a total of 84,000 jobs added: August was revised upwards by 53,000 to 186,000; and September gains totaled 60,000, up from 29,000.
The consensus forecast for October called for monthly gains of 65,000 jobs and a 4.2% unemployment rate, FactSet estimates show.
Wage growth slowed on an annual basis to 3.1% from an upwardly revised 3.2%. Americans’ pay gains are hovering around pre-pandemic levels; however, inflation is not: Prices have been rising faster in recent months, driven higher by a war-driven energy shock.
The better-than-expected hiring offers some reassurance for an economy entering a new political chapter after the Democrats’ sweep in the midterm elections.
The cost of living remains a major concern for households, while employers are navigating demographic shifts, the rapid adoption of AI, persistently elevated inflation and the war with Iran. And a job market that appears healthy does not necessarily feel that way to workers.
Stock futures were mixed after the jobs report. S&P 500 futures were up 0.2%. Nasdaq 100 futures were up 1.5%, bouncing back after a steep tech sell-off Thursday . Dow futures, meanwhile, were down 450 points, or 0.87%.
This story is developing and will be updated.
CNN’s John Towfighi contributed reporting.
