The October jobs report showed US employers added 165,000 jobs, well above the roughly 70,000 economists had expected, while the unemployment rate was little changed at 4.1 percent. The Bureau of Labor Statistics released the figures on Friday, November 6, 2026, and also revised the two previous months sharply higher, painting a picture of a labor market that is still growing at a steady pace.

The number landed far above the soft readings that preceded it. Private payroll processor ADP had estimated just 86,000 private-sector jobs for October earlier in the week, and the government's own September count had initially come in at a weak 29,000. The official October figure, and the upward revisions, told a stronger story than either.

What the report showed

Total nonfarm payroll employment rose by 165,000 in October, the BLS said. The unemployment rate was little changed at 4.1 percent, and the number of unemployed people stood at 7.1 million, also little changed on the month. The report drew on the two separate surveys that make up the monthly release: an establishment survey of employers, which produces the headline payrolls figure, and a household survey, which produces the unemployment rate.

The revisions were a significant part of the story. The change in total payrolls for August was revised up by 53,000, from 133,000 to 186,000, and the September figure was revised up by 31,000, from 29,000 to 60,000. With those changes, employment in August and September combined was 84,000 higher than previously reported. That turned what had looked like a stalling late summer into a more resilient one.

Pay growth held steady. Average hourly earnings for private-sector workers rose 14 cents, or 0.4 percent, to $38.00, and were up 3.1 percent over the past 12 months. That annual pace sat just below the 3.7 percent rate of inflation shown in the latest Consumer Price Index, meaning wages roughly kept pace with prices rather than racing ahead of them.

Where the jobs were

The gains were concentrated in a few industries. Professional and business services added 70,000 jobs, the largest increase, a notable turn given that the category had been shedding jobs for months in other recent reports. Health care added 42,000, continuing its long run as one of the most reliable sources of hiring. Transportation and warehousing added 25,000, which the BLS said reflected growth in couriers and messengers, up 17,000, the kind of hiring that often picks up ahead of the holiday shipping season. Manufacturing employment continued to trend up, adding 19,000.

Much of the rest of the economy was flat. The BLS said employment showed little change over the month in mining and oil and gas extraction, construction, wholesale and retail trade, information, financial activities, leisure and hospitality, other services, and government. A report led by a handful of sectors, with the rest holding steady, is the shape this labor market has taken for much of 2026.

The reaction

Economists read the report as clearly strong. Heather Long, chief economist at Navy Federal Credit Union, called the October results "a blowout" in a post after the release. The economist Mohamed El-Erian described the report as very strong across the board. The beat relative to expectations, together with the upward revisions, was what drew that response: not only was October better than forecast, but the prior two months were better than first reported.

The strength also changed the contrast with the ADP number earlier in the week. The two series use different methods and often diverge in a single month, and this was a clear example, with the official figure nearly double ADP's estimate. Our explainer on how the monthly jobs report is built sets out why the two can differ and why revisions happen, and our look at the ADP report for October shows the softer private read it replaced.

What it means for the Fed

The report feeds directly into the Federal Reserve's next interest-rate decision, due December 9, 2026. The Fed held its policy rate steady at its October 28 meeting, and a strong labor market gives it room to weigh a further move. With inflation still running at 3.7 percent over the year, above the Fed's 2 percent target, futures markets have been pricing in the possibility of a rate increase rather than a cut. Traders put the odds of a quarter-point rate hike at the December meeting at about 73 percent after the report, according to the CME FedWatch tool, up from 67 percent the day before. Those are market-implied probabilities, reported here as such, not a forecast by this publication, and they move with the data.

The Fed will have more information before it decides, including the November jobs report and October's inflation figures. A single strong print does not settle the question, but a labor market adding jobs at this pace, with pay growth contained and inflation still above target, is the backdrop the December debate will be held against. How the headline rate relates to the broader measures of joblessness is covered in our guide to the unemployment rate and labor force participation.

What to watch next

Three things follow from here. First, whether the strength in professional and business services holds or proves to be a one-month bounce after a weak stretch. Second, the November employment report and the October CPI, the two releases the Fed will weigh before December 9. Third, the revisions: this report lifted the prior two months by a combined 84,000, a reminder that early estimates are drafts and the picture can change. For most readers, the steady detail, hiring in health care and logistics, pay keeping pace with prices, says more about the economy they live in than the headline number alone.