US adds 165,000 jobs in October, far above expectations
Written by AI from cnbc.com's report. Not checked by a person.
The US economy added 165,000 jobs in October, well above forecasts, and unemployment fell to 4.1%. Analysts also flagged a worrying rise in long-term unemployment beneath the strong headline.
The US Labor Department's October report showed employers added 165,000 jobs, way more than economists expected, while the unemployment rate dipped to 4.1%. CNBC led its economy coverage with the figures on 6 November, and the report dominated weekend coverage. A companion CNBC analysis warned of a disturbing trend hidden beneath the strong numbers: long-term unemployment is rising, meaning people who lose jobs are taking longer to find new ones. The data arrived a day after ADP reported private employers added 86,000 jobs, also above forecasts. The report comes as the Federal Reserve has held rates steady amid inflation, and markets are watching for how strong hiring affects future rate decisions. Note: no outlet list dated exactly 7 November was available; this was the lead economy story of 6-7 November.
