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.
Inspector General Anthony D’Esposito on November 6 pointed to the latest employment figures in a post on X, linking economic growth with the administration’s efforts to safeguard workers and public money.
“As our economy grows, @DOLOIG, @Sonderling47 and @WHFraudTF are fighting to ensure American jobs, wages and taxpayer dollars are protected from fraud and corruption,” D’Esposito wrote. “More opportunity for workers. Less opportunity for crooks.”
The post referenced the Department of Labor’s Office of Inspector General, Deputy Labor Secretary Keith Sonderling and the White House Fraud Task Force.
{{/usCountry}}The post referenced the Department of Labor’s Office of Inspector General, Deputy Labor Secretary Keith Sonderling and the White House Fraud Task Force.
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October hiring beats economists’ expectations
The 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 September’s 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 October’s new jobs, while government payrolls increased by 6,000.
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Healthcare, professional services lead job gains
Professional 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%.
D’Esposito’s remarks underscore the Labor Department’s parallel focus on employment growth and enforcement, with federal officials emphasizing efforts to prevent fraud and protect workers’ wages and taxpayer resources.