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

The U.S. added 165,000 jobs in October, and the unemployment rate dipped to 4.1%, signaling a rebound from a weak September. The report comes three days after Democrats won full control of Congress in midterm elections. Layoffs remain low, and workers enjoy unusual job security, but hiring is modest by historic standards, averaging 68,000 jobs per month this year. Wage gains have failed to keep pace with high inflation, with real earnings falling 0.7% year-over-year in September. The economy has shown resilience despite shocks like import tariffs and the Iran war, with GDP growing at a 3.4% annual pace in the third quarter. The break-even point for job growth to hold unemployment steady has fallen to just over 5,000 monthly jobs due to retirements and immigration restrictions.