US employers add 165,000 jobs in October; unemployment dips to 4.1%

US employers added 165,000 jobs in October, and the unemployment rate dipped to 4.1%, according to a Labor Department report released Friday. The data follows a disappointing September and arrives three days after Republicans suffered a stunning defeat in the 2026 midterms. The report showed professional and business services added 70,000 jobs, healthcare hired nearly 42,000, and factories added 19,000, while hotels, restaurants, and bars cut 10,600. Revisions added 84,000 jobs to August and September figures, and hourly wages rose 3.1% from a year earlier, trailing persistent inflation. Hiring has averaged 68,000 jobs per month this year, well below the 166,000 monthly average in 2023-2024, reflecting a "low-fire, low-hire" environment. Economists note the break-even point for stable unemployment has fallen to just over 5,000 monthly jobs due to retirements and immigration restrictions.