SNAPBACK

U.S. Added 261K Jobs in October, a Month After Storm Losses

The U.S. economy added 261,000 jobs in October, a rebound after the figure dropped to a loss a month earlier, reflecting the major hurricanes that pummeled Texas and Florida. The unemployment rate fell to 4.1 percent—the lowest recorded since December 2000. Economists had expected a stronger snapback of more than 300,000 jobs, and an unexpected drop of one cent in average hourly wages—to $26.53—broke a streak that made some analysts wonder about the strength of the jobs market. “The questions remain: Is this still the effect of the hurricanes, or has the employment landscape slowed, reflecting full employment?” wrote Quincy Krosby, Prudential Financial’s chief market strategist, according to The Wall Street Journal.