US payrolls rise by 165,000 in October, far above forecasts
The economy added 165,000 jobs in October against forecasts of about 65,000, and unemployment fell to 4.1%. The report keeps a December rate rise by the Federal Reserve in play.
Source published · In the Weekly Review of 8 November 2026
Filed under Economy
August and September were revised up by a combined 84,000, and payroll growth has averaged 137,000 over three months, against 48,000 over the past 12. Gains came mostly in professional and business services, health care and transport, and manufacturing added 19,000 jobs. Average hourly earnings rose 0.4% on the month and participation edged up to 61.9%.
Kevin Hassett, director of the National Economic Council, said demand for labour is rising fast. For the Federal Reserve, which already faces inflation of 3.7% in September, a firm labour market strengthens the case for another increase.