The U.S. added 165,000 jobs in October, a bright spot for the economy

The U.S. economy added 165,000 jobs in October, a surprisingly strong number that includes what appear to be some AI-related construction and manufacturing jobs.

American workers have so far seen relatively few benefits from the artificial intelligence boom that has driven the stock market higher and fueled trillions of dollars in spending by the world’s top tech giants.

The unemployment rate in October dropped to 4.1%, extending a near-historic low streak.

The report “added to evidence of labor-market stability” and consumer resilience, said Jennifer Timmerman, senior investment strategy analyst at Wells Fargo.

While that steady figure reflects fulsome employment across the nation, economists also say that it reflects a kind of stagnation.

“The problem is the low rate of turnover,” said Diane Swonk, chief economist at KPMG. “Fewer people are entering the labor force.”

Sluggish wage growth did not meaningfully improve last month, however. Average hourly earnings rose 3.1% from a year ago, which continues to track well below the rate of inflation.

Inflation is 3.7% and on the upswing, as of the most recent consumer price index released Oct. 14. Business inflation is rising even faster, a likely sign of what’s to come for consumers at grocery stores and…

Original source: https://www.nbcnews.com/business