The U.S. Bureau of Labor Statistics reported that nonfarm payrolls rose by 165,000 in October, far exceeding the 65,000 consensus estimate. The unemployment rate unexpectedly fell to 4.1% from 4.2% in September. Hiring gains were led by professional services and healthcare, signaling broad labor market resilience despite recent global market volatility.
The report also featured significant upward revisions, adding a combined 84,000 jobs to August and September totals. These figures, paired with steady wage growth, suggest the U.S. economy remains on a stable footing as it enters the final quarter of the year.
Market reaction was positive, with S&P 500 and Nasdaq futures climbing as the robust data eased recession fears. While the results reinforce the Federal Reserve's view of a healthy labor market, they keep a potential December interest rate hike in focus for investors.