8/104 sources · 3 publishersUpdated Nov 6, 15:53 UTC
U.S. October jobs report shows 165,000 jobs added and unemployment at 4.1%
The Labor Department reported that employers added 165,000 jobs in October, far above the 59,000 expected. The unemployment rate slipped to 4.1% from 4.2% in September. Average hourly earnings rose 3.1% year‑over‑year, while inflation ran at 3.7% over the same period. Traders lifted the odds of a December Federal Reserve rate hike to about 77% after the data.
Why it matters
The higher odds of a December rate hike, noted by CME Group's FedWatch tool, suggest tighter borrowing costs later in the year, which could affect consumer spending and corporate financing.
Key facts
- 1Employers added 165,000 jobs in October, well above the 59,000 economists surveyed by Dow Jones had forecast. cnbc.com
- 2The unemployment rate fell to 4.1% from 4.2% in September. cnbc.com
- 3Average hourly earnings were up 3.1% year‑over‑year. investing.com
- 4Traders put the odds of a December Fed rate hike at around 77%, up from 66% the previous day. finance.yahoo.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.