US creates 165,000 jobs in October as unemployment falls
By the AFREEQUE newsroom, based on White House
The US economy created 165,000 jobs in October, more than double forecasts, while the unemployment rate fell and job creation in previous months was revised upwards. Several economists cited by the White House praised a stronger-than-expected labour market.
The US economy created 165,000 jobs in October and the unemployment rate fell to 4.1%, according to the White House. Job creation exceeded expectations, while figures for August and September were sharply revised upwards.
Hiring increased in several sectors, including a rise of 70,000 jobs in professional and business services. Manufacturing employment also increased in October, bringing its overall level into net positive territory since Donald Trump returned to the presidency, according to Bloomberg.
Several economists cited by the White House described the report as stronger than expected. Seema Shah, chief global strategist at Principal Asset Management, said the decline in unemployment and broad-based job growth dispelled fears of a marked slowdown in the US economy.
