THE BARE STORY
U.S. nonfarm payrolls increased by a seasonally adjusted 165,000 in October, while the unemployment rate declined to 4.1%, the Bureau of Labor Statistics reported Friday.
The increase exceeded economists’ forecast of 59,000 jobs. The report also revised August payroll growth up by 53,000 to 186,000 and September’s gain up by 31,000 to 60,000, according to the bureau.
Professional and business services added 70,000 jobs, followed by healthcare with 42,000, transportation and warehousing with 25,000, and manufacturing with 19,000, the bureau said. Average hourly earnings rose 0.4% from September and 3.1% from a year earlier, while the average workweek was unchanged at 34.4 hours.
The bureau also reported signs of continued difficulty for some job seekers. A broader unemployment measure that includes discouraged workers and people working part-time for economic reasons rose to 7.9%, while the average duration of unemployment increased to 27.1 weeks.
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