Hiring jumps: The economy added 165,000 jobs last month
The U.S. economy added 165,000 jobs in October, exceeding forecasts, with the unemployment rate dipping to 4.1%. Despite wage gains, inflation at 3.7% means workers are still losing ground, a factor that influenced recent midterm elections.
Why it matters
This report provides a snapshot of the U.S. economic health, influencing Federal Reserve policy decisions on interest rates and impacting consumer purchasing power and political sentiment.
The U.S. job market improved last month, according to a report from the Labor Department Friday. Employers added more jobs than forecasters had expected and the unemployment rate dipped to 4.1%.
The U.S. job market picked up steam last month.
Employers added 165,000 jobs in October, according to a report Friday from the Labor Department. The unemployment rate dipped to 4.1%, from 4.2% the previous month.
Employment gains for August and September were revised up by a total of 84,000 jobs.
Industries adding jobs last month include health care, manufacturing, and business services. Meanwhile, restaurants and construction companies cut jobs during the month.
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