US job growth beats forecasts in October as unemployment falls to 4.1%

The US added 165,000 jobs in October, exceeding economist expectations and signaling labor market resilience despite Middle East conflict and inflation, with the unemployment rate dipping to 4.1%. The Bureau of Labor Statistics reported average hourly earnings rose 3.1% annually, trailing September's 3.7% inflation rate. August and September job figures were revised up by 84,000 total, with growth in healthcare, transportation, warehousing, and manufacturing. The data follows midterm elections where voters cited economic frustration, with gas prices up $1 per gallon year-over-year due to the Iran war. The Federal Reserve is expected to hike interest rates in December, while markets remain volatile over AI spending concerns.