The Bureau of Labor Statistics (BLS) reported that U.S. employers added 165,000 in October, beating expectations by economists. The unemployment rate ticked down to 4.1%. The report included positive revisions totaling an extra 84,000 jobs added in August and September, meaning the labor market had been stronger in those months than originally reported.

The labor force participation rate is 61.9%, while the employment-population ratio is at 59.3% for October, showing little change from the prior month and little change since January.

Employment saw positive gains in professional and business services (+70,000), health care (+42,000), transportation and warehousing (+25,000), and manufacturing (+19,000).

Average hourly earnings for all employees on private nonfarm payrolls in October rose by 14 cents, or 0.4%, to $38.00. Over the year, average hourly earnings have increased by 3.1%.

According to Seema Shah, chief global strategist at Principal Asset Management, “Payrolls growth surprised firmly to the upside, unemployment fell back to 4.1%, and job creation remains broad-based, pointing to an economy that is still absorbing labor comfortably rather than one beginning to buckle under tighter financial conditions.” (CNBC)

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