U.S. employers added 165,000 jobs in October, the Bureau of Labor Statistics reported Friday. The unemployment rate edged down to 4.1% from 4.2% in September, a change the agency described as small. The figures show hiring picked up after a slower September.
September’s gain was revised up to 60,000 jobs. Together, revisions to August and September added 84,000 jobs to the earlier estimates. Professional and business services accounted for 70,000 of October’s gains, according to Axios’s breakdown of the report.
Average hourly earnings rose 0.4% from September, according to the Labor Department release. For households, the next question is how much of that pay increase holds up after inflation. The jobs report measures earnings before adjusting for changes in prices.
Reuters reported that hiring exceeded its survey forecast of 65,000 jobs. The next inflation report will help show whether higher wages are translating into greater buying power and give the Federal Reserve another data point before its December policy meeting.