U.S. Economy Adds 165,000 Jobs in October, Unemployment Rate Drops to 4.1%
The U.S. economy experienced a significant boost in October, adding 165,000 jobs, a figure that surpassed economists' expectations. This growth contributed to a drop in the unemployment rate to 4.1%, continuing a near-historic low streak. The job report also included upward revisions for previous months, with August's net job gains revised up by 53,000 to 186,000, and September's revised up by 31,000 to 60,000. Key sectors contributing to this growth include healthcare, which added 42,000 jobs, and professional and business services, gaining 70,000 jobs. Manufacturing roles increased by 19,000, with notable gains in computer and electronics manufacturing, machinery manufacturing, and primary metal manufacturing. Nonresidential construction jobs also saw an increase of nearly 3,000, potentially linked to the expansion of AI data centers. Despite the strong job growth, average hourly earnings rose by 3.1% from a year ago, remaining below the current inflation rate of 3.7%.
