US adds 165,000 jobs in October as wages rise and unemployment falls
US employers added 165,000 jobs in October, beating every forecast, as wage growth rose and unemployment edged lower. The broad hiring result reinforces the case for a labor market that remains resilient ahead of the Federal Reserve’s next policy decision.
STOCK PHOTO · JAKUB ZERDZICKIThe story
The US economy added 165,000 jobs in October, according to Bloomberg Television, exceeding all estimates. Average hourly earnings advanced, the unemployment rate edged lower, and employment gains were broad across sectors, led by professional and business services and healthcare.
The result follows expectations for faster job growth in October as wage gains moderated. Instead, the headline employment figure surpassed forecasts while wages still increased, leaving the latest labor-market snapshot stronger than the anticipated combination of cooling pay growth and renewed hiring.
Professional and business services contributed to the gains, as did healthcare. Those sectors connect the report to business-services demand, healthcare employment and household income, while the wage data bear directly on consumer purchasing power and the Federal Reserve’s assessment of labor-market conditions.
The report’s exact unemployment rate, wage increase and sector-by-sector totals were not specified in the available account. The breadth of the gains is clear, but the policy implication depends on the detailed payroll composition, revisions to prior months and whether wage growth continues to moderate.
The next focal point is the Federal Reserve’s policy decision and subsequent labor-market releases. Investors will also have to assess whether October’s strength persists in later payroll data or proves to be a one-month acceleration.
Our read · Fri, Nov 6
US employers added 165,000 jobs in October as professional services and healthcare led broad gains.
Why. The stronger-than-expected hiring count and lower unemployment keep labor-market resilience in the policy debate, while advancing hourly earnings preserve an inflation concern. The evidence is two-sided for macro assets because stronger employment supports growth but can also delay policy easing; no company-specific data are available to sharpen that read.
Both cases
What could change this view: A later payroll revision, a renewed rise in unemployment or a sharper moderation in wages could overturn the initial interpretation of October’s strength.
Who reported it · 6
Keep reading
Latest on the Wire
Taiwan readies $15BN fund as Seoul waives margin calls after AI selloffSMCI files 10-Q — Quarterly Report: 10-QBitcoin holds $76,000 as Nasdaq futures rebound 1.5% before jobs dataModerna swings to profit as cancer-vaccine momentum gathers paceFed holds rates as stable labor market keeps December hike on trackContinue on the Wire →Latest on the Wire
Bitcoin holds $76,000 as Nasdaq futures rebound 1.5% before jobs dataModerna swings to profit as cancer-vaccine momentum gathers paceTesla to wind down Cybertruck production as Musk pivots to roboticsRepublican lawmakers seek Jensen Huang briefing after China spying reportsContinue on the Wire →Top this week
Democrats sweep Congress, setting Trump up for legislative gridlockFutures rebound after blue sweep as dollar slides and gold tops $4,000Bitcoin plunges as AI chip selling drags Nasdaq down more than 2%Trump’s Republican Party faces a midterm verdict from US voters todayBitcoin faces renewed pressure as Binance hack intensifies market fearAbout this report
Reported by Bloomberg Television as US Adds 165,000 Jobs In October, Topping All Estimates
, . Who answers for this
6 reports from 5 publishers in this record. Closes are licensed end-of-day data from Databento; the move after a story is its first close against the close before it. How this is decided →
Kept as written · your side, if you take one, is graded privately against licensed closes after 10 trading days · nothing here is advice · How the Wire is made →