by John Carney
The U.S. economy added 165,000 jobs in October and the unemployment rate fell to 4.1 percent.
Economists had expected the economy to add 62,000 jobs and the unemployment to remain unchanged at 4.2 percent.
The jobs numbers for prior months were revised up sharply. The estimate for August was revised up by 53,000, from a gain of 133,000 to 186,000. The September estimate was revised up by 31,000, from 29,000 to 60,000. As a result, payrolls were 84,000 higher than previously thought.
Most of the jobs added in October were in the private sector, where payrolls rose by 159,000. Economists had expected 59,000. The prior month’s private payroll estimate was revised up from a gain of 46,000 to 78,000.
Manufacturing payrolls rose by a very strong 19,000, far above the zero growth expected by economists surveyed by Econoday. Durable goods manufacturing added 25,000 while nondurable payrolls contracted by 6,000. Automakers added 4,100 jobs. Payrolls grew by 7,000 in computer and electronic product manufacturing, 4,000 in machinery manufacturing, and 4,000 in primary metal manufacturing.
Manufacturing gains in September were revised from 6,000 to 13,000. Since December, manufacturing has added 101,00 jobs.
The services sector added 144,000 jobs. Retailers added 6,000. Transportation and warehousing added 24,800. Wholesale jobs dipped by 9,100.
White-collar jobs grew. Professional and business services added 70,000 workers to payrolls. Finance added 7,000. Information, which includes many tech occupations, contracted by 1,000.