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US employers add 165,000 jobs in October as unemployment dips to 4.1%

A stronger-than-expected jobs report, with wages rising and unemployment falling, bears on the economic debate after the midterm elections.

Photo: ABC13 Houston

What happened

U.S. employers created 165,000 new jobs in October, far more than the 65,000 economists had expected. ABC13 Houston The unemployment rate dipped to 4.1%, even though 421,000 people entered the labor force. ABC13 Houston Labor Department revisions added a combined 84,000 jobs to the August and September totals. ABC13 Houston Average hourly wages rose 0.4% in October from September, the biggest month-over-month gain since January. ABC13 Houston

Around it

The jobs report came three days after voters delivered a stunning defeat to President Donald Trump and his Republican Party in midterm elections, handing full control of Congress to the Democrats. ABC13 Houston Before the report, forecasters had expected a modest rebound from a disappointing September, when employers added 29,000 jobs. AP News Inflation has eroded purchasing power, with average hourly earnings after inflation falling 0.7% in September, the sixth straight year-over-year drop. AP News

Sources

  1. AP NewsHiring rebound expected in new US jobs data, though inflation is eroding the American paycheck
  2. ABC13 HoustonUS continues to generate jobs, yet inflation is eroding the spending power of millions of Americans

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