October job growth exceeds forecasts, unemployment falls

The Bureau of Labor Statistics released data on Friday, indicating that employers added 165,000 jobs during the month. This figure significantly exceeded the 65,000 jobs anticipated by economists surveyed by LSEG.

The unemployment rate edged down to 4.1%, falling below the projected 4.2%.

Revisions to previous months’ data revealed a more robust job market than initially reported. August’s job gains were revised upward by 53,000, from 133,000 to 186,000. September’s gain was also adjusted upward, increasing by 31,000 from 29,000 to 60,000.

Combined, the revisions for August and September reflect an additional 84,000 jobs compared to the initial estimates.

Private sector employment saw an increase of 159,000 jobs, surpassing the 64,000 expected by economists polled by LSEG.

Government employment rose by 6,000 jobs. The September decrease of 17,000 jobs was adjusted to a loss of 18,000. Federal government employment decreased by 1,000, while state governments added 8,000 jobs and local governments reduced employment by 1,000.

The manufacturing sector contributed 19,000 jobs, exceeding the projected gain of 5,000. September’s initial gain of 9,000 jobs was revised to 13,000.