US adds 165,000 jobs in October as unemployment falls to 4.1%

The U.S. economy added 165,000 jobs in October, significantly beating expectations, while the unemployment rate fell to 4.1%, according to the Labor Department. The Bureau of Labor Statistics reported the gain far exceeded the 65,000 forecast by economists. August and September job figures were revised upward by a combined 84,000. Professional services led with 70,000 jobs, followed by healthcare and transportation. Average hourly earnings rose 0.4% monthly and 3.1% annually. However, long-term unemployment remained at 2 million, and part-time workers for economic reasons increased to 4.8 million. Officials linked the growth to anti-fraud enforcement efforts.