Four things to note from Friday's US jobs report
SPY•The US added 165,000 jobs in October, 100,000 more than economists expected, and unemployment unexpectedly fell to 4.1%. The report showed foreign-born workers accounted for net labor force and employment gains since July, while unemployment spells remained near decade highs and information and finance continued to shed jobs on a trend basis.
1. October jobs report
The US economy added 165,000 jobs in October, 100,000 more than economists expected, while the unemployment rate unexpectedly ticked down to 4.1%.
2. Workforce and manufacturing
All net gains in labor force participation and employment since July came from foreign-born workers, as measured by the household survey; participation and employment among native-born workers fell. Manufacturing added 101,000 jobs since December 2025, bringing its net gain since President Donald Trump returned to the White House to 8,000, after losing 93,000 jobs in his first year back.
3. Unemployment and AI-exposed sectors
Excluding the COVID-19 pandemic, median and average unemployment duration—11.9 weeks and 27.1 weeks—were the longest in about a decade. Information and finance continued to shed jobs on a trend basis, while professional and business services added 70,000 jobs in October, with gains across temporary help and management and technical consulting.
