October jobs report nearly triples economists' expectations, unemployment rate inches further down

October jobs numbers beat economists's forecasts.

The U.S. Labor Department's October jobs report was released Friday morning and showed American employers created 165,000 new jobs last month, nearly triple the 65,000 jobs economists had projected. The unemployment rate also ticked down to 4.1% after inching up slightly in September.

The encouraging jobs numbers came just a few days after Republicans suffered a beating at the polls during the midterm elections, perhaps a few days too late to influence voters who went to the polls with the economy on their minds. According to CNBC, not only were October's jobs numbers reassuring, the Labor Department also significantly revised the number of new jobs added in the U.S. during both September and August. The September numbers nearly doubled to 60,000 new jobs from 31,000 initially reported, and August more than tripled, with 186,000 new jobs created up in the U.S., up from 53,000.

In addition to the strong jobs numbers, average hourly earnings were also up in the U.S. last month as well as for 2026 as a whole so far -- both above economists forecasts, CNBC reported. 

“Today’s jobs report is a strong rebuttal to fears that the economy is heading into a meaningful slowdown,” Seema Shah, chief global strategist at Principal Asset Management, told CNBC. “Payrolls growth surprised firmly to the upside, unemployment fell back to 4.1%, and job creation remains broad-based, pointing to an economy that is still absorbing labor comfortably rather than one beginning to buckle under tighter financial conditions.”

Meanwhile, job growth showed balance across multiple sectors of the economy in October, including strong gains in business services, health care, transportation, and manufacturing, according to a breakdown by CNBC.

The jobs numbers came a day after U.S. stock markets suffered their worst day in nearly two years, with President Trump pointing to the midterms outcome for the rout on Wall Street. "The stock market suffered one of the worst days in history based on the results of the election," Trump said late Thursday.