US continues to generate jobs, yet inflation is eroding the spending power of millions of Americans

ITV News · ITV News · 2026-11-05 16:53 UTC

U.S. employers created a surprising 165,000 new jobs last month, and the unemployment rate dipped to 4.1%. The hiring beat the 65,000 new jobs forecasters had …

WASHINGTON (AP) — U.S. employers created a surprising 165,000 new jobs last month, and the unemployment rate dipped to 4.1%.

Hiring was far stronger than the 65,000 new jobs that economists had expected.

The jobs report comes three days after voters delivered a stunning defeat to President Donald Trump and his Republican Party in midterm elections. Frustrated with the state of the economy — and especially the high cost of living – Americans handed full control of Congress to the Democrats.

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