Hiring jumps: The economy added 165,000 jobs last month
Hiring jumps: The economy added 165,000 jobs last month The U.S. job market improved last month, according to a report from the Labor Department Friday. Employers added more jobs than forecasters had expected and the unemployment rate dipped to 4.1%.
Economy
U.S. employers added 165,000 jobs in October as the unemployment rate fell to 4.1%. The warehouse and transportation industry added 25,000 jobs during the month. Scott Olson/Getty Images North America hide caption
Scott Olson/Getty Images North America
The U.S. job market picked up steam last month.
Employers added 165,000 jobs in October, according to a report Friday from the Labor Department. The unemployment rate dipped to 4.1%, from 4.2% the previous month.
Employment gains for August and September were revised up by a total of 84,000 jobs.
Industries adding jobs last month include health care, manufacturing, and business services. Meanwhile, restaurants and construction companies cut jobs during the month.
One sign of the strengthening job market was slightly larger wage gains. Average wages in October were up 3.1% from a year ago. That's a bigger annual increase than the previous month, but still probably not enough to keep pace with rising prices.
Inflation climbed to 3.7% in September. The cost of living has been going up faster than wages for much of this year, since the war with Iran triggered a sharp jump in energy prices.
"Workers are losing ground right now," says Cory Stahle, an economist with the Indeed job-search website. "The longer it wears on, the more and more they're going to feel that."
Voters' frustration with high prices was a big factor in the midterm elections, which cost Republicans their majorities in both the House and Senate.
The unemployment rate remains historically low, which has allowed the Federal Reserve to focus its attention on fighting inflation. The central bank held its benchmark interest rate steady last week, but investors expect the Fed to raise rates when policymakers meet in December.
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