U.S. Employers Added 165,000 Jobs in October

The Bureau of Labor Statistics reported that U.S. employers added 165,000 jobs in October, while the unemployment rate fell to 4.1% from 4.2% in September. The payroll gain exceeded forecasts, and the agency revised its estimates for August and September upward by a combined 84,000 jobs. The revisions lifted August payroll growth from 133,000 to 186,000 and September’s from 29,000 to 60,000. With October’s initial estimate included, the average gain over the three months was 137,000 jobs per month, up from 109,000 using the earlier figures. October’s estimate is preliminary and may be revised. Hiring was concentrated in several sectors. Professional and business services added 70,000 jobs, health care added 42,000 and transportation and warehousing added 25,000, according to the BLS. Professional and business services recorded a larger gain than its average monthly increase over the previous 12 months. Employment changed little in several other major industries. Average hourly earnings rose 0.4% from September and 3.1% from a year earlier. The household survey put labor-force participation at 61.9% and the employment-population ratio at 59.3%, both little changed during the...