Why it matters
- Total nonfarm payrolls rose by 165,000 in October, the Bureau of Labor Statistics said on Friday, Nov. 6. Economists polled by Dow Jones had expected 59,000, CNBC reported.
- The unemployment rate fell to 4.1% from 4.2% in September. Average hourly earnings rose 0.4% to $38.00, up 3.1% from a year earlier, the BLS said. August and September were revised up by a combined 84,000 jobs.
- Treasury yields rose. CNBC said the 10-year yield climbed more than 4 basis points to 4.88% and the two-year rose 6 basis points, and traders raised the odds of a Fed rate hike on Dec. 9.
U.S. employers added far more jobs than expected in October. Total nonfarm payroll employment rose by 165,000, and the unemployment rate fell to 4.1% from 4.2% in September, the Bureau of Labor Statistics said on Friday, Nov. 6. Economists polled by Dow Jones had expected a gain of 59,000 jobs, CNBC reported.
Hiring was also stronger in the late summer than first reported. The BLS revised August up by 53,000 to 186,000 and September up by 31,000 to 60,000. "With these revisions, employment in August and September combined is 84,000 higher than previously reported," the BLS said.
October jobs report: the key numbers
| Measure | October | Earlier |
|---|---|---|
| Nonfarm payrolls | +165,000 | Sept. +60,000 (revised from +29,000); Aug. +186,000 (revised from +133,000) |
| Unemployment rate | 4.1% | 4.2% in September |
| Unemployed people | 7.1 million | |
| Average hourly earnings | $38.00, +0.4% on the month | +3.1% over 12 months |
| Average workweek | 34.4 hours | Unchanged |
| Labor force participation | 61.9% | Changed little |
| Employment-population ratio | 59.3% | Changed little |
Source: U.S. Bureau of Labor Statistics, Employment Situation for October 2026 and Table A-1.
Which industries added jobs in October?
Services led. Professional and business services added 70,000 jobs, health care 42,000, and transportation and warehousing 25,000, the BLS said. Employment showed little change in other major industries, including construction and retail trade.
Wages rose. Average hourly earnings for private-sector workers increased by 14 cents, or 0.4%, to $38.00, and are up 3.1% over the past year, according to the BLS.
What does the jobs report mean for the Fed?
It raises the odds of a rate hike. Fed funds futures were pricing in a more than 77% chance of a quarter-point increase at the Fed's Dec. 9 meeting, up from more than 66% the day before, according to the CME FedWatch Tool as cited in CNBC's report, last updated Friday afternoon. The Fed held its target range at 3.75% to 4% on Oct. 28.
How are markets reacting to the jobs data?
Treasury yields rose. The 10-year yield climbed more than 4 basis points to 4.88%, the two-year rose 6 basis points to 4.537%, and the 30-year added more than 2 basis points to 5.277%, CNBC reported.
Stock futures were mixed after Thursday's rout. At about 8:44 a.m. ET, Nasdaq-100 futures were up about 1.3% and S&P 500 futures were up about 0.1%, while Dow futures were down about 1%, compared with Thursday's settlements in Yahoo Finance data. Read our report on the Nasdaq's 5.5% plunge into correction.
The dollar firmed. The euro fell to about $1.116 at 13:53 GMT from about $1.122 late Thursday, Yahoo data show. For last month's weak reading, see our story on September's 29,000-job gain, and follow more economy news.
Sources
- U.S. Bureau of Labor Statistics, The Employment Situation, October 2026 (Nov. 6, 2026)
- U.S. Bureau of Labor Statistics, Table A-1. Employment status of the civilian population by sex and age
- CNBC, 10-year Treasury yield rises after much stronger-than-expected October jobs report (Nov. 6, 2026)
- Yahoo Finance, chart data: S&P 500 futures, Nasdaq-100 futures, Dow futures, EUR/USD
