U.S. economy adds 165,000 jobs in October, unemployment falls
The Bureau of Labor Statistics reported that U.S. employers added 165,000 jobs in October, well above economists’ forecasts. The unemployment rate fell to 4.1% from 4.2%. Average hourly earnings rose 0.4% for the month. The figures were released Friday, three days after the midterms.
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The report
The American Conservative and Straight Arrow News reported that the Bureau of Labor Statistics said employers added 165,000 jobs in October. The American Conservative said unemployment fell from 4.2% to 4.1%, and that hourly earnings rose 0.4% on the month and 3.1% over the past year.
Forecasts differed by outlet. The Daily Wire said economists had expected a gain of 59,000 jobs. The Gateway Pundit, citing The Wall Street Journal, also used a 59,000 forecast. The American Conservative cited a consensus closer to 65,000. Those are competing pre-report estimates, not a disagreement about the official 165,000 total.
The American Conservative said job figures for September and August were revised higher by 31,000 and 53,000, respectively. The Gateway Pundit, citing the Journal, reported the two months were revised higher by a combined 84,000.
CNBC reported a separate detail from the same release: the average jobless worker’s bout of unemployment surpassed 27 weeks in October on a seasonally adjusted basis.
Why this matters
The October snapshot was stronger than the forecasts cited before the release and arrived just after the midterm elections. It does not, by itself, settle debates over wages after inflation or how long people remain unemployed.