US job growth exceeds expectations in October despite economic uncertainty
Summary
The U.S. added 165,000 jobs in October, above economists’ expectations, and the unemployment rate edged down to 4.1%, according to the Bureau of Labor Statistics. Wage growth remained below the reported inflation rate, while higher fuel costs and uncertainty over the economy continued to weigh on households and markets.Key Facts
- Average hourly earnings rose 3.1% over the year, compared with an annual inflation rate of 3.7% in September.
- The BLS revised its August and September job figures upward by a combined 84,000.
- Healthcare, transportation, warehousing and manufacturing added jobs in October.
- Layoffs in September reached their lowest level in 18 months, according to the BLS.
- Challenger, Gray & Christmas tracked just under 44,000 layoffs in October, down 71% from October a year earlier.
- The Federal Reserve held interest rates steady at its October meeting; economists expected another rate increase in December.
- The Nasdaq briefly recovered Wednesday after entering correction territory, then fell back into it Thursday amid investor concerns about AI spending.
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