Stronger-than-expected U.S. jobs report: 165,000 jobs added in October, unemployment falls to 4.1%

A stronger-than-expected U.S. jobs report: 165,000 jobs were added in October, and the unemployment rate fell to 4.1%. Forecasts had predicted an addition of 59,000-65,000 jobs. The data supports a Fed rate hike next month.

A stronger-than-expected U.S. jobs report: 165,000 jobs were added in October, and the unemployment rate fell to 4.1%. Forecasts had predicted only 59,000-65,000 new jobs. The U.S. Labor Department reported employment gains in business services, healthcare, and transportation. The September report was revised upward to 60,000 jobs, compared to an earlier report of 29,000. The data gives the Federal Reserve a boost to raise interest rates next month amid inflation. Fed Chair Kevin Warsh said last week that the unemployment rate is lower than it was a year ago, and employment growth is significantly higher than last year's pace. The headline links the report to Trump's midterm election defeat, but the body does not elaborate on that.