by Emmitt Barry, Worthy News Washington D.C. Bureau Chief
(Worthy News) – The U.S. economy delivered a surprisingly strong employment report Friday, adding 165,000 jobs in October, more than double economists’ expectations, as the unemployment rate declined to 4.1%, according to the Labor Department.
The stronger-than-expected figures offered encouraging evidence of economic resilience under President Donald Trump, despite persistent inflation, elevated energy prices, and uncertainty surrounding the ongoing conflict with Iran.
Economists surveyed by Reuters had projected just 65,000 new jobs. Instead, employers added 165,000 positions, with gains concentrated in professional and business services, health care, transportation, and manufacturing.
The Bureau of Labor Statistics also revised employment figures for August and September upward by a combined 84,000 jobs, suggesting the labor market had performed better than previously reported.
Average hourly earnings increased 0.4% in October and 3.1% over the past year, although inflation continues to erode Americans’ purchasing power.
The report follows third-quarter economic growth of 3.4% and comes just days after Democrats captured control of Congress in the midterm elections, highlighting the contrast between improving economic indicators and continued voter frustration over the cost of living.
The unexpectedly strong hiring figures could also complicate the Federal Reserve’s interest-rate decisions as policymakers weigh economic growth against persistent inflation.
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