World
US economy adds 165,000 jobs in October, far above forecasts
Unemployment fell to 4.1%, a surprise after a rough week for US stocks.
In short
165,000US jobs added in October
- Unemployment: 4.1%
- Expected: ~65,000–70,000 jobs
- S&P 500 closed at 7,376.86
What happened
US employers added 165,000 jobs in October, more than double the roughly 65,000–70,000 economists expected. The unemployment rate dipped to 4.1% from 4.2%.
On Friday, the Nasdaq rose about 1.1% and the S&P 500 0.3%, as chip stocks bounced back after Thursday's sell-off. The Dow slipped 0.5%.
September's number was revised to 60,000, so October's jump stands out even more. Economists also noted that wages are still struggling to keep pace with prices.
Why it matters for India
A strong US job market can keep US interest rates higher for longer, which affects the dollar, the rupee and where global investors put their money. For now, foreign investors have been moving money into Indian shares.
