U.S. economy added 165,000 jobs in October, way more than expected; unemployment rate slips to 4.1%
CNBC · Jeff Cox ·
Nonfarm payrolls were expected to increase by 59,000 in October as the unemployment rate was expected to hold steady at 4.2%.
The U.S. economy added jobs at a much stronger-than-expected pace in October, while the unemployment rate moved lower as the labor market showed surprising strength.
Nonfarm payrolls increased by a seasonally adjusted 165,000 for the month, compared with the Dow Jones estimate for 59,000, the Bureau of Labor Statistics reported Friday.
The unemployment rate nudged down to 4.1%, compared with the forecast for 4.2%. A more encompassing measure that includes discouraged workers and those holding part-time jobs for economic reasons rose to 7.9%, up 0.3 percentage point, amid an increase of 421,000 in the civilian labor force.