US October Job Growth Surges to 165K, Beating Forecasts

US nonfarm payrolls rose by 165,000 in October, far exceeding the 65,000 forecast, according to the Bureau of Labor Statistics on Friday. The unemployment rate fell to 4.1% from 4.2%. September's job gains were revised upward to 60,000 from the initially reported 29,000. The labor force participation rate improved to 61.9%, while annual wage inflation softened to 3.1% from 3.2%. The US dollar strengthened on the news, with the dollar index up 0.62% at 102.20. Markets widely expect the Federal Reserve to raise interest rates by 25 basis points in December.