By Salma El-Sakka
The U.S. economy added 165,000 jobs in October, surpassing economist expectations, while the unemployment rate dropped to 4.1%, extending a near-historic low streak.
The labor market has kept unemployment below 5% for 61 consecutive months through September 2026, marking the longest period of sustained strength in modern U.S. history, according to Apollo Global Management chief economist Torsten Slok.
However, economists warn of stagnation due to low labor turnover and fewer people entering the workforce, noted KPMG chief economist Diane Swonk.
Wage growth remained sluggish, with average hourly earnings rising 3.1% year-over-year, still below the 3.7% inflation rate recorded in the October Consumer Price Index, while business inflation is rising even faster.
