US employers added 165,000 jobs in October; unemployment falls to 4.1%

US employers added 165,000 jobs in October, far exceeding economists' expectations of 65,000, while the unemployment rate dipped to 4.1%. The report comes three days after Democrats won full control of Congress in midterm elections. The Labor Department revised August and September job figures upward by 84,000, and average hourly wages rose 0.4% from September, the largest monthly gain since January. Professional and business services added 70,000 jobs, healthcare hired nearly 42,000, and factories added 19,000, while hotels and restaurants cut 10,600. The strong hiring may reinforce the Federal Reserve's focus on combating inflation, with Wall Street seeing a 77% chance of a December rate hike. Monthly job creation averages 86,000 this year, an improvement over 2025's 9,700 but below the 166,000 average in 2023-2024.