U.S. Adds 165,000 Jobs in October, Far Exceeding Market Expectations

【Financial News, New York = Correspondent Lee Byeong-cheol】 With U.S. job growth in October far exceeding market expectations, the labor market appears to remain on a solid footing. The unemployment rate also came in lower than expected, at 4.1%, strengthening the prospect of a December benchmark interest-rate hike by the Federal Reserve (Fed).
In its October employment report released on the 6th (local time), the U.S. Department of Labor said nonfarm payrolls rose by 165,000 from the previous month. That was about 2.8 times the market forecast of 59,000.
The unemployment rate was 4.1%, below the market forecast of 4.2%. With job growth and a decline in unemployment occurring at the same time, the U.S. labor market was seen as stronger than expected.
This employment report is expected to support the Fed’s monetary-tightening stance. With inflation above its 2% target, the Fed is placing policy emphasis on curbing inflation. Markets see a high likelihood that the Fed will raise rates again at its December Federal Open Market Committee (FOMC) meeting, unless the labor market deteriorates sharply.




[email protected] Correspondent Lee Byeong-cheol Reporter