U.S. Payrolls Add 165,000 Jobs in October as Unemployment Falls to 4.1%

U.S. payrolls increased by 165,000 jobs in October, exceeding the 65,000 forecast by 100,000, while unemployment declined to 4.1% from 4.2% a month earlier. The figures delivered a stronger-than-expected labor-market reading for traders watching interest rates and crypto markets.

October's seasonally adjusted job gains appeared in professional and business services, health care, and transportation and warehousing.

Earlier payroll estimates were revised higher. September's increase is now 60,000, up from 29,000, while August's total rose to 186,000 from 133,000. The two revisions together added 84,000 jobs to the prior two months' reported gains.

Those changes amount to an upward adjustment of 31,000 for September and 53,000 for August. The latest payroll gain exceeded the forecast by 100,000 jobs, while the unemployment rate fell by 0.1 percentage point from the previous month's level. The two headline measures therefore moved in stronger directions in the October data. The revisions put both earlier months above their initial estimates.