A stronger-than-expected jobs report is offering some encouraging news about the U.S. economy, just days after voters identified high prices as a major concern in the midterm elections.
Employers added 165,000 jobs in October, according to the Labor Department. That is nearly three times the number economists expected. The unemployment rate also dipped to 4.1%.
The White House celebrated the report Friday.
“Now we see a jobs number that’s through the roof. We’re looking at the last three months of really runaway job growth,” said Kevin Hassett.
Job gains for August and September were also revised upward. White-collar industries, including professional and business services, saw the strongest growth last month.
Labor economist Nicole Bachaud said more workers are returning to the labor force as opportunities become available.
“We've seen workers showing up and saying, ‘Oh, if there's opportunities, I'm ready to take them.’ And this kind of excitement is really solidified. Three months of increasing the labor force participation rate, people are ready to get back into work,” Bachaud said.
However, affordability remains a concern for many Americans. CBS News business analyst Jill Schl...