U.S. adds 165,000 jobs in October, but wages lag inflation

The U.S. added 165,000 jobs in October, far exceeding Wall Street's forecast of about 65,000, while unemployment fell to 4.1 percent, according to the Labor Department. Wages grew 3.1 percent, but this remains below the expected inflation rate of 3.7 percent, meaning paychecks continue to lose ground to rising prices for a seventh straight month. Professional services led gains with 70,000 jobs, followed by health care at 55,000, while leisure and hospitality saw the largest losses. Overall hiring has been weak this year, though the trend is improving, with only three of the past 12 months showing negative growth. Unemployment improvements were strongest among teenagers and Black workers, a sign that recession risk may be easing.