US adds 165,000 jobs in October despite inflation eroding wages

U.S. employers created 165,000 new jobs in October, surpassing economists' expectation of 65,000, according to abc13.com and abc7news.com.

The unemployment rate declined to 4.1%, even as 421,000 people entered the labor force, reflecting a robust labor market.

Labor Department revisions added 84,000 jobs to the totals for August and September, further strengthening the employment picture.

Average hourly wages increased by 0.4% from September to October, the largest monthly gain since January, but inflation continues to erode the spending power of many American workers.

The strong job growth is expected to influence Federal Reserve policymakers, increasing the likelihood of an interest rate hike in December to address persistent inflation, as reported by abc13.com and abc7news.com.