U.S. economy added 165,000 jobs in October, way more than expected; unemployment rate at 4.1%
The report comes the same week as an election in which the economy and in particular inflation was the center of attention. Democrats staged a nationwide rout that will give the party control of both houses of Congress after campaigning heavily on addressing affordability issues.
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For the Federal Reserve, the report also comes at a pivotal time. Central bankers are weighing whether to resume raising interest rates in December as inflation remains stubbornly above the central bank's 2% target.
Traders increased the probability of another quarter percentage point hike when the Federal Open Market Committee meets Dec. 8-9. Odds rose to 76.8%, according to the CME Group's FedWatch tool, though the indicator pointed to only one more hike after. The odds of further hikes in 2027 have fallen somewhat in recent days, after the midterm election rout and Thursday's sell-off in tech stocks.
Market reaction otherwise was muted, with a mixed picture on stock market futures heading into the open. Treasury yields were higher across the board.
The share of workers either looking for a job or already working as a share of the workforce, known as the labor force participation rate, edged higher to 61.9%. The labor force had been shrinking, the result of demographic changes and immigration reductions, but expanded by 421,000 in October.
At the same time, the household report, which is used to calculate the unemployment rate, showed 463,000 more people at work.
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