World Economy

U.S. Adds 165,000 Jobs in October as Warehouse Sector Gains 25,000

The U.S. labor market strengthened in October, with employers adding 165,000 positions and the unemployment rate declining to 4 percent, according to Labor Department data released Friday. The warehouse and transportation industry contributed 25,000 of those jobs. Health care, manufacturing, and business services also posted gains, while restaurants and construction shed positions. Prior months saw upward revisions totaling 84,000 jobs. Wage growth accelerated slightly but remains insufficient to offset rising living costs, particularly following energy price spikes tied to the war with Iran. The persistently low unemployment rate has allowed the Federal Reserve to focus on inflation control. The central bank held rates steady last week, though market participants anticipate increases at the December policy meeting.