U.S. October nonfarm payrolls rise 165,000, topping forecasts

The U.S. Bureau of Labor Statistics said U.S. nonfarm payrolls increased by 165,000 in October, well above market forecasts for a gain of 65,000. The unemployment rate came in at 4.1%, below expectations of 4.2%. The nonfarm payrolls report, published by the U.S. Department of Labor, is an official gauge of employment trends across both the private and public sectors and is among the data points the Federal Reserve considers when making interest-rate decisions. Stronger employment data, including higher job growth and lower unemployment, can support consideration of a rate hike or a hold to prevent overheating, while weaker data can support consideration of a rate cut to bolster the economy.