US employers add 165,000 jobs in October; unemployment falls 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 Labor Department also revised August and September figures upward by 84,000 jobs. Hourly wages rose just 3.1% from a year earlier, failing to keep pace with high inflation, which has strained family budgets. Professional services added 70,000 jobs, healthcare hired 42,000, and factories gained 19,000, while hotels and restaurants cut 10,600 positions. The report follows midterm elections where voters, frustrated by the high cost of living, gave Democrats control of Congress. Monthly job growth averages 68,000 this year, below the 166,000 monthly pace of 2023-2024, though the economy grew at a 3.4% annual rate last quarter.