US employers add 165,000 jobs in October; unemployment rate falls 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 days after voters delivered a stunning defeat to Republicans 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 inflation. Hiring remains modest by historic standards, averaging 68,000 jobs monthly this year, though the economy grew at a 3.4% annual pace in the third quarter. Economists describe a "low-fire, low-hire" environment, with the break-even point for job growth now just over 5,000 monthly due to retirements and immigration restrictions.