US employers add 165,000 jobs in October as the unemployment rate edges down to 4.1%
August and September were revised up by a combined 84,000, and average hourly earnings rose 0.4% in the month.
Update (November 10, 2026, 13:49 UTC): The October CPI, described as upcoming, was published by the BLS on November 10, 2026; the sentence now says so, links our report and gives the date of the next jobs report.
US nonfarm payrolls rose by 165,000 in October and the unemployment rate was little changed at 4.1%, down from 4.2% in September, the Bureau of Labor Statistics said on November 6.
What the report showed
Job gains were led by professional and business services, health care, and transportation and warehousing, the BLS said. Professional and business services added 70,000 jobs, well above that sector's average monthly gain of 15,000 over the previous 12 months.
The unemployment rate has stayed in a narrow range of 4.1% to 4.3% since March. The labor force participation rate was 61.9%.
Average hourly earnings for private-sector employees rose by 14 cents, or 0.4%, to $38.00. Over 12 months, they were up 3.1%.
Revisions
Earlier months were stronger than first reported. August payroll growth was revised to +186,000 from +133,000, and September to +60,000 from +29,000, so employment in the two months combined was 84,000 higher than previously reported.
| Month | Previously reported | Revised |
|---|---|---|
| August | +133,000 | +186,000 |
| September | +29,000 | +60,000 |
| October (first estimate) | — | +165,000 |
Why it matters
In our assessment, a labor market that keeps adding jobs, together with inflation at 3.7%, gives the Federal Reserve little reason to ease. The Fed held rates in October, with two officials voting for an increase; see our report on that decision. Annual wage growth of 3.1% also trails the 3.7% annual inflation rate reported for September.
What it could mean for traders
Strong payrolls usually push rate expectations higher, which tends to support the dollar and weigh on rate-sensitive assets, including crypto. The upward revisions matter as much as the headline: they change the picture of the previous two months. The BLS published the October CPI on November 10. The next jobs report, for November, is scheduled for Friday, December 4, 2026, at 08:30 ET (13:30 UTC), according to the BLS.
Sources
- US Bureau of Labor Statistics — The Employment Situation — October 2026 (USDL-26-1632) (November 6, 2026)
- US Bureau of Labor Statistics — Consumer Price Index — September 2026 (USDL-26-1574) (October 14, 2026)
- Federal Reserve — Federal Reserve issues FOMC statement (October 28, 2026) (October 28, 2026)
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