U.S. Jobs Rise by 165,000 in October, Beating Forecasts and Supporting Dollar
Key Facts
The U.S. economy added 165,000 jobs in October, exceeding economists’ forecast of 65,000, according to data released on November 6. EL7’s economic calendar data showed the previous reading at 60,000 jobs. The report was stronger than expected and pushed the dollar higher in trading that day. The dollar index rose 0.77% to 102.26 points, according to Reuters via MarketScreener. By contrast, the euro fell 0.67% to $1.11437, its biggest daily decline since October 1.
October’s job gains were concentrated in professional and business services, health care, transportation and warehousing, according to the U.S. Bureau of Labor Statistics. The professional and business services sector alone added 70,000 jobs during the month. These figures show that the overall increase came alongside job growth in several sectors, not just one. In currency markets, the euro-dollar pair closed at 1.11433 on November 6, compared with a close of 1.12186 on November 5, according to EL7 data. The closing levels show the pair declined between the two sessions, alongside the dollar’s rise after the jobs data were released.
The stronger-than-expected jobs report bolstered market bets on a U.S. rate increase in December, according to Reuters. The probability of a rise of at least 25 basis points moved back toward 80% after the data were released. The dollar had received support before the report from safe-haven demand, while a selloff in artificial intelligence stocks spread to Asian and European markets. Reuters said U.S. stocks fell on Thursday by the most since April 2025. In Europe, the European Central Bank left its three key interest rates unchanged on October 29, saying higher energy prices increase inflation risks and weigh on growth prospects, and that its decisions would remain data-dependent and made meeting by meeting.
Upcoming U.S. milestones include the release of the Federal Reserve’s October meeting minutes on November 18, followed by the Federal Open Market Committee meeting on December 8 and 9, according to the board’s schedule. The Bureau of Labor Statistics is scheduled to release its November jobs report on December 4 at 8:30 a.m. Eastern Time. These dates follow the October report, which exceeded economists’ forecasts, amid rising market bets on a rate increase in December. The next employment reading will remain a focus ahead of the committee meeting. The figure for euro short positions could not be verified in a reliable open source relevant to the date of the news.