US job growth exceeds expectations in October despite economic uncertainty

‘Low-hire, low-fire’ labor market shows sluggish growth but few layoffs, with an interest rate hike expected in December

The US added 165,000 jobs to the economy in October, a sign of resilience in the labor market amid ongoing war in the Middle East and inflation, according to new data released on Friday.

Economists had said the labor market has been stuck in a “low-hire, low-fire” state, in which job growth is sluggish but layoffs also remain low, but October’s data surpassed economist expectations. The unemployment rate went down slightly to 4.1%, the Bureau of Labor Statistics (BLS) reported.