Veytics Intelligence
2026-11-06 · Substack

October Jobs Report: A Strong One, And Not Just a One-Off - Jared Bernstein | Substack

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The nation’s payrolls posted larger-than-expected gains last month, up 165,000 against expectations for just 65,000. The unemployment rate ticked down from 4.2% to 4.1% (4.18 to 4.14), and not because the labor force contracted: for the third month running, the participation rate ticked up, to 61.9%. Payroll revisions for Aug and Sep were also strong, up 84,000 in total, such that the three month average came in at a strong 137,000. Even hourly pay popped up a touch more than expected. In other words, this is a strong jobs report, and, with revisions and a few positive trends potentially developing, it’s not an obvious one-off. We’ll need more data to be sure, but the job market is looking more solid than it did a few months ago.

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