US adds 165,000 jobs in October, far above forecasts

· Economy · United States

The US economy added 165,000 nonfarm payrolls in October, far above the 59,000 economists expected, while the unemployment rate slipped to 4.1% from 4.2%. The data pointed to a 'low-hire, low-fire' labour market that has slowed but seen few layoffs. The strong report revived bets that the Federal Reserve could raise interest rates in December, lifting Treasury yields and pressuring gold and bonds. White House Council of Economic Advisers chairman Christopher Phelan said he did not expect the figures to push the Fed to hike. Beneath the headline, the average jobless worker's spell of unemployment surpassed 27 weeks, the highest outside the pandemic in a decade.

Why it matters：A surprisingly resilient US labour market shapes how fast the Fed moves and how much volatility global markets face after an election-driven selloff.

Key points

  • Economists had expected just 59,000 new jobs.
  • Unemployment fell to 4.1% from 4.2%.
  • The average spell of joblessness exceeded 27 weeks.

Sources (original reporting)

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