The US Bureau of Labor Statistics released a report moments ago showing that non-farm payrolls (NFP) increased by 165,000 in October, compared to a revised increase of 29,000 jobs in September (originally reported as 60,000). This figure exceeded expectations of 65,000 new jobs.

Meanwhile, the unemployment rate fell to 4.1% in October from 4.2%, while the labor force participation rate rose to 61.9% from 61.8%.

The average hourly earnings rate increased by 0.4% in October, up from 0.1% month-over-month, and also rose year-over-year to 3.1%, compared to 3.0% in September. In detail, the goods production sector saw an increase of 15,000 jobs, while the manufacturing sector added 19,000 jobs. The construction sector lost 3,000 jobs. In contrast, the private services sector added 144,000 jobs in October, led by the professional and business services sector, which added 70,000 jobs. The healthcare and social services sector added 55,000 jobs, while the transport and storage sector added 24,000 jobs.