US October Nonfarm Payrolls Rise by 165K, Beating 65K Forecast

U.S. nonfarm payrolls rose by 165,000 in October, beating expectations of 65,000, according to the Bureau of Labor Statistics. September’s figure was revised up from 29,000 to 60,000. The unemployment rate fell to 4.1%, below the 4.2% forecast and previous reading. Average hourly earnings increased 0.4% month-over-month and 3.1% year-over-year, both above expectations of 0.3% and 2.9%, respectively.