US added 165,000 jobs in October as unemployment fell to 4.1%
What's next: Stronger hiring and upward revisions raised expectations that the Federal Reserve could lift rates again in December.
U.S. employers added 165,000 jobs in October, a stronger-than-expected gain that pushed the unemployment rate down to 4.1% from 4.2% a month earlier. The Labor Department also revised August and September payrolls higher by a combined 84,000 jobs, underscoring a labor market that regained momentum heading into November. Health care, manufacturing, business services, warehousing and transportation added jobs, while restaurants and construction cut positions. Average hourly pay was up 3.1% from a year earlier. The report lands as inflation remains elevated at 3.7% and investors increasingly expect the Federal Reserve to raise interest rates at its December meeting.