The US economy added 165,000 jobs in October, beating expectations, while the unemployment rate fell to 4.1%, as per the Labor Department. Officials, meanwhile, highlighted efforts to protect American jobs, wages and taxpayer funds from fraud and corruption.US unemployment drops to 4.1% after October hiring tops estimates. (Getty Images via AFP)Inspector General Anthony DāEsposito on November 6 pointed to the latest employment figures in a post on X, linking economic growth with the administrationās efforts to safeguard workers and public money.āAs our economy grows, @DOLOIG, @Sonderling47 and @WHFraudTF are fighting to ensure American jobs, wages and taxpayer dollars are protected from fraud and corruption,ā DāEsposito wrote. āMore opportunity for workers.
Less opportunity for crooks.āThe post referenced the Department of Laborās Office of Inspector General, Deputy Labor Secretary Keith Sonderling and the White House Fraud Task Force.Also Read: Trump blames Democrats for stock market plunge after GOP midterms rout: āYour 401(k)s have droppedāOctober hiring beats economistsā expectationsThe Bureau of Labor Statistics reported that employers added 165,000 nonfarm payroll jobs in October, significantly above the 65,000 increase forecast by economists polled by LSEG.The unemployment rate declined to 4.1%, compared with 4.2% in September, contrary to expectations that it would remain unchanged.Employment estimates for August and September were also revised upward. August job gains were adjusted to 186,000 from 133,000, while Septemberās increase was revised to 60,000 from 29,000.
Together, the revisions added 84,000 jobs to previously reported employment figures.Private employers accounted for 159,000 of Octoberās new jobs, while government payrolls increased by 6,000.Also Read: US deportations to continue despite Democratic takeover of Congress, DHS head Mullin saysHealthcare, professional services lead job gainsProfessional and business services recorded the largest increase, adding 70,000 positions in October. Healthcare employment rose by 41,600, while transportation and warehousing added 24,800 jobs.
Manufacturing also gained 19,000 positions.Average hourly earnings increased 0.4% during October and were up 3.1% year over year, according to the BLS.However, the report also showed continuing challenges for workers. Long-term unemployment stood at 2 million, accounting for 27.6% of all unemployed people.
The number of Americans working part-time for economic reasons increased by 339,000 to 4.8 million.The labor force participation rate remained at 61.9%, while the employment-population ratio stood at 59.3%.DāEspositoās remarks underscore the Labor Departmentās parallel focus on employment growth and enforcement, with federal officials emphasizing efforts to prevent fraud and protect workersā wages and taxpayer resources.