U.S. adds 165,000 jobs in October as hiring rebounds

WASHINGTON (Gray DC) - U.S. job growth accelerated in October, beating economists’ expectations, while the unemployment rate edged lower.

Employers added a seasonally adjusted 165,000 jobs, the Bureau of Labor Statistics reported Friday. That was nearly three times the 59,000 economists surveyed by Dow Jones had expected, according to CNBC.

The unemployment rate fell from 4.2% in September to 4.1% in October.

However, the U-6 rate, a broader measure of unemployment that also includes discouraged workers and people working part time for economic reasons, rose from 7.6% to 7.9%.

The report, released three days after the midterm elections, also showed stronger job growth in the months leading up to the vote.

The bureau revised August’s job gains upward by 53,000, from 133,000 to 186,000. It revised September’s gains upward by 31,000, from 29,000 to 60,000.

Together, the revisions show employers added 84,000 more jobs over those two months than previously reported.

Professional and business services led October’s gains with 70,000 jobs, followed by health care with 42,000. Transportation and warehousing added 25,000 jobs, and manufacturing added 19,000.

Average hourly earnings rose 3.1% from a year earlier, more than economists expected but below the latest reported inflation rate.

October’s consumer price report is due Tuesday and will show how those wage gains compare with inflation over the same period.