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.
\n\nAmerican 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.
\n\nThe unemployment rate in October dropped to 4.1%, extending a near-historic low streak.
\n\n“Through September 2026, the U.S. labor market had kept unemployment below 5% for 61 straight months,” Apollo Global Management chief economist Torsten Slok wrote Friday.
\n\nHe noted that the current trend was “on the verge of becoming the longest period of sustained labor market strength in modern US history.”
\n\nWhile that steady figure reflects fulsome employment across the nation, economists also say that it reflects a kind of stagnation.
\n\n“The problem is the low rate of turnover,” said Diane Swonk, chief economist at KPMG. “Fewer people are entering the labor force.”
\n\nSluggish 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.
\n\nInflation is 3.7% and on the upswing, as of…
Original source: https://www.nbcnews.com/business