EconomyUnited States

US adds 165,000 jobs in October, beating forecasts

The US added 165,000 jobs in October and unemployment edged down to 4.1%. Strong hiring pushed Treasury prices lower and helped chip stocks recover, while raising bets on a Fed rate increase.

Illustration: A busy construction site with cranes lifting steel beams into a half-built building, workers in hard hats, under a bright clear sky.
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The US economy added 165,000 jobs in October, according to the Bureau of Labor Statistics. The figure topped all forecasts. Payroll numbers for the prior two months were also revised up.

The unemployment rate edged down to 4.1%. It has stayed below 5% for more than five years, after soaring to nearly 15% in the early stages of the COVID-19 pandemic.

Illustration: A row of small shops and a factory gate at the start of a shift, with a few anonymous workers walking in under morning light.
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Markets reacted quickly. Chipmakers rebounded and Wall Street got support from buyers stepping in after recent losses. Treasuries fell, meaning yields, the return on government bonds, rose.

Illustration: A semiconductor chip held up close on a tray at a clean-room workbench, with a stack of government bond certificates blank and plain beside it.
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Before the report, Treasuries had given back part of the week's steep gains, which came from demand for safe assets during the tech volatility. The solid data reinforced speculation that the Federal Reserve will raise interest rates in December.

In numbers

165,000October jobs added
4.1%unemployment rate
US 10-year Treasury yield4.86%down −7.92%over 1 month
5.28%4.84%7 Oct6 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

Also in this story

S&P 500down −5.45%1 month

What comes next

Traders are watching for the Federal Reserve's December rate decision.

Who is who

  • Claudia SahmChief Economist, New Century Advisors

Background

Unemployment has been below 5% for more than five years.

Where
United States
Published
Section
Economy
Markets
US 10-year Treasury yield, S&P 500

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