US October payrolls rise 165,000, above estimates; unemployment falls to 4.1%
US nonfarm payrolls rose by 165,000 in October, compared with an estimate of 70,000; the previous gain was revised from 29,000 to 60,000. The unemployment rate fell to 4.1%, versus an expected and previous 4.2%. Average hourly earnings increased 0.4% month on month and 3.1% year on year, exceeding estimates of 0.3% and 2.9%, respectively.