U.S. employers reported adding 165,000 jobs in October, soaring past expectations, while the unemployment rate dipped to 4.1%, according to the latest report from the U.S. Bureau of Labor Statistics (BLS). Employment rose in professional and business services, healthcare, and transportation and warehousing. The unemployment rate has remained in a narrow range of 4.1 percent to 4.3 percent since March.
Payroll growth since January 2025 had averaged just 35,000 jobs per month and the labor force participation rate had pulled back sharply. But while hiring has been generally weak, other aspects have shown resilience. Layoffs have remained low and job openings have picked up since September. On the other hand, long-term unemployment has been a problem. The total number of workers out of a job for more than 25 weeks is up by 495,000 since January 2025, while the average duration of unemployment is at 24.8 weeks, according to the BLS.
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