United States October jobs rose by 165,000 in October 2026, well above expectations of 70,000, according to the Bureau of Labor Statistics report on 6 November. United States October jobs growth was stronger than the 29,000 added in September, and August and September payrolls were revised higher by a combined 84,000. Government employment was relatively muted, adding just 6,000 jobs, while private-sector hiring led the rise.
Unemployment fell to 4.1% in October, down from 4.2% in September, while wage growth came in above expectations at 3.1% year on year, although it remained below headline inflation for the seventh consecutive month. Headline inflation was 3.7% in September, so real pay is still falling for many workers, even as nominal pay rises. The average duration of unemployment has climbed past five months, with more than 27% of jobseekers looking for 27 weeks or longer.
United States October Jobs
The strong jobs report came a week after the Federal Reserve held rates at 3.75% to 4.00% on 28 October, in a ten-to-two vote. The Federal Reserve had raised rates in September for the first time in three years, and markets priced about an 85% chance of another rise on 9 December after the October hold. The October jobs data, combined with third-quarter gross domestic product growth of 3.4%, keeps pressure on the Federal Reserve to consider another rise in December.
Third-quarter gross domestic product grew at a 3.4% annualised rate, accelerating from 2.2% in the second quarter and exceeding expectations, as strong business investment and consumer spending outweighed a drag from net exports. The third quarter is on track to mark the eighth consecutive quarter of double-digit earnings growth for United States companies, according to J.P. Morgan, showing corporate profits remain strong even as hiring slows.
For workers, the October jobs report is better news than September, with more jobs added and unemployment falling. However, hiring remains uneven, with some sectors cutting jobs while others add them, and the average time to fill an open role has climbed to 61.5 days in the first eight months of 2026. Jobseekers may find the market tough, even as the headline numbers improve.
Source: J.P. Morgan Asset Management
