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U.S. economy added 165,000 jobs in October, way more than expected; unemployment rate at 4.1%

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U.S. economy added 165,000 jobs in October, way more than expected; unemployment rate at 4.1%

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The U.S. economy added jobs at a much stronger than expected pace in October, while the unemployment rate moved lower as the labor market showed surprising strength.

Nonfarm payrolls increased by a seasonally adjusted 165,000 for the month, compared with the Dow Jones estimate for 59,000, the Bureau of Labor Statistics reported Friday.

The unemployment rate nudged down to 4.1%, compared with the forecast for 4.2%.

In addition to the strong payroll gains for October, prior months were revised up substantially: The August figure moved up to 186,000, an upward revision of 53,000, while the September count moved to 60,000 following an upward revision of 31,000.

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