US economy adds 165,000 jobs in October, exceeding expectations - Anadolu Ajansı

The US economy added 165,000 jobs in October, exceeding market expectations of 65,000, while the unemployment rate fell to 4.1%, the Bureau of Labor Statistics reported Friday.

Payroll growth accelerated from September's upwardly revised gain of 60,000 and surpassed the average monthly increase of 48,000 over the previous 12 months.

Professional and business services led the gains with 70,000 additional jobs, followed by healthcare with 42,000 and transportation and warehousing with 25,000. Manufacturing employment increased by 19,000.

Average hourly earnings for employees on private nonfarm payrolls rose by $0.14, or 0.4%, to $38.00, bringing annual wage growth to 3.1%. The average workweek remained unchanged at 34.4 hours.

August's payroll increase was revised upward by 53,000 to 186,000, while September's gain was raised by 31,000 to 60,000. The revisions showed a combined 84,000 more jobs than previously reported.

Stronger hiring and upward revisions could give the Federal Reserve more room to focus on containing inflation, suggesting the labor market remains resilient. Monthly wage growth could also draw scrutiny as policymakers assess price pressures.

The Fed weighs labor market conditions alongside inflation in setting interest rates, pursuing maximum employment and a longer-term inflation target of 2%.

Meanwhile, the number of unemployed people was little changed at 7.1 million, and labor force participation stood at 61.9%.

However, the number of people working part-time because their hours were reduced or they could not find full-time jobs increased by 339,000 to 4.8 million.