US Employers Add 165,000 Jobs in October, Unemployment Dips to 4.1%, Surpassing Expectations

US employers added 165,000 jobs in October, significantly exceeding economists' forecasts of 65,000, according to data from the Bureau of Labor Statistics. The national unemployment rate eased to 4.1% from 4.2%. Average hourly earnings increased by 0.4% in October, surpassing the 0.3% forecast, and are up 3.1% over the past year. This stronger-than-expected employment growth has led to a rise in Treasury yields as traders consider the likelihood of another Federal Reserve interest rate hike next month.