Where Are the Jobs? Winners and Losers by Industry in October and over the Years

The US economy added 165,000 jobs in October, surpassing analysts' expectations, according to government data released on Friday. The unemployment rate fell to 4.1 percent. Federal Reserve officials prioritize fighting high inflation, which remains a key focus despite the strong job market. This could prompt further rate hikes, putting the Fed at odds with President Trump, who advocates for lower borrowing costs.

The data revisions for August and September show an increase of 84,000 jobs, with October's gain well above the average monthly increase of 48,000 over the past year. Professional and business services led job growth, adding 70,000 positions, while healthcare added 42,000 jobs. Transport and warehousing also saw an increase of 25,000 jobs, mostly in courier and messenger roles.

However, employment in construction, retail, financial activities, and government remained largely unchanged. Despite the solid job market, wages lag behind inflation, leading to real wage losses for most workers. The job market's solid yet unspectacular performance contrasts with the weak job creation seen in 2025, with employers adding an average of 86,000 jobs per month.

Economists describe the current environment as a "low-fire, low-hire" scenario, where employers are hesitant to hire new workers.