The U.S. economy added 161,000 non-farm payroll jobs in October, slightly below the 175,000 consensus forecast from briefing.com while the unemployment rate dropped to 4.9 percent from 5.0 percent, according to the U.S. Bureau of Labor Statistics.
In 2016 employment growth has averaged 181,000 per month, compared with an average monthly
increase of 229,000 in 2015.
During the past 3 months, job gains have averaged 176,000 per month.
The non-farm payroll jobs reports for September and August were revised higher by 44,000.
August was revised up from 167,000 to 176,000, and September’s job report was revised up from 156,000 to 191,000.
In October job gains were highest in the professional and business services sector which gained 43,000 followed by health care employment that expanded by 31,000.
Average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents in October to $25.92 after an 8 cent increase in September.
For the year, average hourly earnings rose by 2.8 percent.
The average workweek for all employees on private nonfarm payrolls remained unchanged at
34.4 hours in October.
On Wednesday private payroll processor ADP reported that the U.S. economy added 147,000 private sector jobs in October, slightly below the 165,000 consensus estimate from briefing.com.
Mark Zandi, chief economist of Moody’s Analytics, said in a released statement about the October ADP report, “Job growth remains strong although the pace of growth appears to be slowing. Behind the slowdown is businesses’ difficulty filling open positions. However, there is some weakness in construction, education and mining.”