U.S. Economy Adds 165,000 Jobs in October, Surpassing Forecasts
The U.S. economy added a seasonally adjusted 165,000 jobs in October, significantly exceeding the 59,000 jobs anticipated by economists. Growth was driven largely by professional and business services, which accounted for 70,000 gains, alongside strong performance in healthcare and transportation sectors. The unemployment rate saw a slight decrease to 4.1%, while average hourly earnings rose 3.1% year-over-year. This robust labor data has heightened market concerns regarding persistent inflation and the Federal Reserve's interest rate trajectory. Following the report, the probability of an FOMC rate hike at its final meeting of the year increased from approximately 67% to over 78%. While the report signals underlying economic strength, analysts caution that frequent revisions in recent months suggest a need for continued monitoring of broader inflation trends.