U.S. job growth beats expectations in October, but labor market concerns persist

Detailed summary

"The strong job growth in October is definitely an encouraging sign, but it is not reflected in other labor market measures, notably wage growth and the rise in involuntary…

WASHINGTON, Nov. 7 (Xinhua) -- The U.S. economy added far more jobs than expected in October, but underlying labor market weaknesses and persistent inflation continued to raise concerns about the economic outlook.

Nonfarm payrolls rose by a seasonally adjusted 165,000, well above economists' forecast of 59,000, while the unemployment rate edged down to 4.1 percent from 4.2 percent in September, the Bureau of Labor Statistics reported Friday.

September's job gains were revised upward to 60,000 from 29,000, while August's were raised to 186,000 from 133,000.

Professional and business services led hiring with 70,000 new jobs, followed by health care with 42,000, transportation and warehousing with 25,000, and manufacturing with 19,000.

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