US Employers Add 165,000 Jobs in October, Defying Slowdown Fears

The US economy added 165,000 jobs in October, far above the roughly 60,000 economists expected, and the unemployment rate ticked down to 4.1% from 4.2%, according to the Bureau of Labor Statistics. Hiring was broad-based, led by professional and business services (70,000), healthcare (42,000) and manufacturing (19,000), and wages rose 0.4% for the month, a 3.1% annual gain. But the report also showed an underlying problem: the average jobless worker has now been unemployed for 27.1 weeks, the highest level since September 2021, with nearly 2 million Americans out of work for more than six months. The strong numbers reinforce expectations that the Federal Reserve will raise interest rates at its December 8-9 meeting as it fights persistent inflation, landing just after midterm elections in which the cost of living was voters' top concern. Also in this briefing: Trump Weighs Resuming Iran Strikes as Advisers Warn of Lame-Duck Window; Democratic House Majority Climbs Past 250 Seats as Recounts Advance; ACA Open Enrollment Launches With Double-Digit Premium Hikes.

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