US payrolls added 165000 jobs in October as unemployment fell

United States employers added 165,000 nonfarm payroll jobs in October, according to reports by Zillow Research, Commercial Observer, Realtor.com Research, and RISMedia. Commercial Observer notes that Dow Jones had forecasted 59,000 non-farm payroll jobs, while RISMedia reports that the total was far above a 65,000 forecast. [1][4][6][7]

The national unemployment rate lowered to 4.1 percent, according to Commercial Observer, RISMedia, IndustryWeek, and www.nationpathindia.com. RISMedia reports the rate fell from 4.2 percent, while Zillow Research and Realtor.com Research note that prior job gains in August and September were revised upward by a combined 84,000 jobs. Commercial Observer reports September payroll gains were revised from an initial 29,000 to 60,000 jobs, which aligns with earlier coverage from FTMQ Real Estate. [1][4][6][7][9][11][17]

Zillow Research reports that employment gains were spread across professional and business services with 70,000 jobs, healthcare and social assistance with 55,000 jobs, and transportation and warehousing with 25,000 jobs. Employment in temporary help services increased to 18,600. [1]

Realtor.com Research reports that nominal wage growth reached 3.1 percent, trailing inflation, and that the report clears the way for a Federal Reserve rate hike. As FTMQ Real Estate reported earlier, expectations for a Federal Reserve rate hike at its December meeting reached close to 80 percent following the payroll figures. [6][18]