U.S. adds 165,000 jobs in October, beating forecasts

The U.S. economy added 165,000 jobs in October, far exceeding economist expectations of around 60,000, with the unemployment rate dipping to 4.1%, according to the Bureau of Labor Statistics. Professional and business services led gains with 70,000 jobs, well above its average monthly increase, while healthcare added 42,000 and transportation and warehousing added 25,000. The strong report suggests the labor market remains resilient despite elevated interest rates. The Federal Reserve is widely expected to raise rates in December, and analysts say the robust jobs data gives it room to act without harming employment. However, worker supply has declined due to baby boomer retirements and restrictive immigration policies.