US Economy Adds 165,000 Jobs in October
Unemployment rate drops to 4.1% as revised job gains show stronger growth.
The Brief
- 165,000 jobs added in October, exceeding forecasts.
- Unemployment rate falls to 4.1% from 4.2%.
- August and September job gains revised upward.
New data released Friday shows the US economy added 165,000 jobs in October, surpassing the expected 65,000.
The unemployment rate dropped to 4.1% in October, down from 4.2% in September, according to the Bureau of Labor Statistics.
Revised figures show stronger job growth in August and September, with August gains increased by 53,000 to 186,000 and September gains rising to 60,000 from 29,000.
Annual wage growth slowed to 3.1% from a revised 3.2%, while inflation remains elevated due to rising energy prices linked to the war in the Middle East.
Stock futures showed mixed reactions, with S&P 500 and Nasdaq 100 futures rising, while Dow futures fell by 450 points.
The report comes as the US enters a new political era following the Democrats’ midterm election victories.
More in Business
-
Anthropic IPO Faces AI Backlash Amid Midterm Election Shift
Anthropic plans to go public as AI backlash grows following midterm election results.
-
Berkshire Shares Rise Amid AI Concerns
Warren Buffett and Charlie Munger discuss AI's potential impact on employment and society.
-
Pope Leo XIV Reports Good Health Ahead of Latin America Tour
Pope Leo XIV shares his health status and outlines his upcoming tour plans.
-
Six Pallets of NVIDIA Hardware Worth $11.4 Million Stolen
Stolen NVIDIA hardware en route to Texas sparked speculation about security and tracking.