U.S. Adds 165,000 Jobs in October as Unemployment Falls

The U.S. economy added 165,000 jobs in October, more than twice the roughly 65,000 forecast by economists, while the unemployment rate fell to 4.1% from 4.2%, the Bureau of Labor Statistics reported Friday. The results showed stronger hiring than expected, though they do not determine the Federal Reserve’s next interest-rate decision. The BLS revised its estimates for August and September upward by a combined 84,000 jobs. August payroll growth was revised to 186,000 from 133,000, and September’s estimate rose to 60,000 from 29,000. October’s figure is preliminary and may be revised in a later report. Professional and business services added 70,000 jobs, the largest sector gain reported. Health care added 42,000, transportation and warehousing 25,000, and manufacturing 19,000. Private-sector payrolls increased by about 159,000. The BLS figures also showed average hourly earnings rising 0.4% in October and 3.1% over the year. The labor force participation rate edged up to 61.9% from 61.8%. The unemployment rate declined even as more people entered the labor force, according to the household survey; the number of people and the number of payroll jobs are measured through...