US jobs grow by 165,000 in October as unemployment dips

The United States added 165,000 jobs in October and the unemployment rate dipped to 4.1 percent, government data showed Friday.

The Bureau of Labor Statistics also revised August and September job figures up by a combined 84,000 jobs. September job growth was revised to 60,000 from the previously reported 29,000.

Briefing.com had reported a consensus forecast of 65,000 new jobs and an unemployment rate of 4.2 percent.

The data could add pressure on the US Federal Reserve as it focuses on bringing inflation back toward its long-term two-percent target. Higher interest rates can cool inflation but also slow economic activity and affect the job market.

President Donald Trump has repeatedly called for lower borrowing costs. After the Fed's September rate increase, he demanded: “LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!”

The BLS said October's job gain was above the average monthly increase of 48,000 over the previous 12 months.

Professional and business services added 70,000 jobs, health care added 42,000, transportation and warehousing added 25,000 and manufacturing added 19,000. Employment in construction, retail, financial activities and government was largely unchanged.

Average hourly earnings were up 3.1 percent over the past 12 months, the BLS said. The data came days after midterm elections in which the cost of living weighed heavily on voters.