US continues to generate jobs, yet inflation is eroding the spending power of millions of Americans - ABC13 Houston

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Many workers have seen their purchasing power decline, despite continued hiring. WASHINGTON, D.C. -- U.S. employers created a surprising 165,000 new jobs last month, and the unemployment rate dipped to 4.1%. Hiring was far stronger than the 65,000 new jobs that economists had expected. The jobs report comes three days after voters delivered a stunning defeat to President Donald Trump and his Republican Party in midterm elections. Frustrated with the state of the economy — and especially the high cost of living – Americans handed full control of Congress to the Democrats. But the latest jobs report looked solid. Labor Department revisions added a combined 84,000 new jobs to the August and September totals.