The U.S. economy added 165,000 jobs in October, exceeding forecasts of roughly 65,000, according to figures cited in the administration’s report on the labor market. The unemployment rate fell to 4.1%.
Manufacturing employment increased by 19,000 positions, the industry’s strongest monthly rise since 2023. Reported payroll gains for August and September were revised upward. The Trump administration credited its tariffs, tax reductions and domestic investment policies for encouraging manufacturers to expand production.
The report offered evidence of resilience in hiring, although monthly job statistics alone cannot determine how much of the improvement resulted from individual federal policies. Stronger employment and wage gains also may influence Federal Reserve decisions on interest rates.