U.S. employers added a surprising 165,000 jobs in October
U.S. employers added 165,000 jobs in October, well above the roughly 65,000 to 70,000 economists expected, and the unemployment rate fell to 4.1% from 4.2%. Revisions added 84,000 jobs to August and September. Average hourly wages rose 3.1% from a year earlier, lagging inflation. On Wall Street Friday, the S&P 500 rose 0.3% and the Nasdaq 1.1% while the Dow fell 0.5%, capping a losing week after Thursday's AI-led sell-off; the S&P 500 fell 2.7% for the week, according to AP.
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Why it matters
More hiring than expected and a lower unemployment rate mean a slightly better job market for people looking for work. But average hourly pay rose 3.1% over the past year, which lags inflation, so many paychecks are not keeping up with prices.
What to watch
The Federal Reserve's next interest-rate decision comes at its December meeting; the strong report kept a possible rate increase in play, according to Yahoo Finance and Indeed Hiring Lab.
Sources
- AP via ABC7 New York: Employers added a surprising 165,000 jobs
- Yahoo Finance: Stock market today, Nov. 6
- Indeed Hiring Lab: October 2026 jobs report
- AP via Yahoo Finance: How major US stock indexes fared Friday
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