🇺🇸U.S. October nonfarm payrolls increased 165,000, while unemployment fell to 4.1% and annual average earnings growth reached 3.1%.

Payroll growth exceeded the forecasts reported by both channels. FinancialJuice recorded 165,000 additional jobs against a 70,000 forecast and a previous reading of 29,000, while Financial_Express cited a 65,000 forecast. These are different reported consensus estimates, not different actual payroll results.

Private-sector and manufacturing employment also increased. Private payrolls rose 159,000, compared with a 65,000 forecast and a previous 46,000 increase; manufacturing payrolls rose 19,000, against a 7,000 forecast and a previous 9,000 increase. Labor-force participation reached 61.9%, versus 61.8% previously and in the forecast.

Earnings growth strengthened while average weekly hours were unchanged. Average earnings increased 3.1% year over year, compared with a 2.9% forecast and 3.0% previously, and rose 0.4% month over month, versus a 0.3% forecast and 0.1% previously. Unemployment fell from 4.2% to 4.1%, while the average workweek remained 34.4 hours.