US job growth exceeds expectations in October despite economic uncertainty

The US added 165,000 jobs in October, exceeding economists’ expectations and offering a sign of resilience amid inflation and economic uncertainty. The unemployment rate edged down, while the figures suggest a labour market with sluggish hiring but relatively few layoffs.

Healthcare, transport, warehousing and manufacturing recorded job growth, and August and September figures were revised up by a combined 84,000 jobs. Average hourly earnings rose 3.1% over the year, below September’s 3.7% inflation rate; economists expect the Federal Reserve to raise interest rates again in December.