U.S. Economy Added 165,000 Jobs In October, Surpassing Expectations

Employers added 165,000 jobs in October, according to a report published Friday by the Bureau of Labor Statistics. The number far exceeds the 65,000 new jobs economists had estimated.

Unemployment fell slightly from 4.2 to 4.1 percent. Hourly earnings rose 0.4 percent on the month and 3.1 percent annually, the report said.

Jobs numbers from both September and August were revised upwards, by 31,000 and 53,000, respectively. The strong jobs numbers raised the odds of an interest rate hike this December by the Federal Reserve.