Unemployment Fell to 4.1%. A Broader Gauge Rose to 7.9%.

On Friday, Nov. 6, the Bureau of Labor Statistics reported that U.S. employers added 165,000 jobs in October and the unemployment rate fell to 4.1%. CNBC said Dow Jones had expected 59,000 jobs and a 4.2% jobless rate. Fox Business and the Los Angeles Times cited a 65,000 forecast.

August and September were revised up by a combined 84,000 jobs. Average hourly earnings rose 0.4% in October and 3.1% from a year earlier. The Times said that yearly pay gain still trailed annual inflation for a seventh straight month.

Professional and business services added 70,000 jobs, healthcare 42,000, transportation and warehousing 25,000, and manufacturing 19,000. Hotels, restaurants, and bars cut about 10,600, the Times reported.

Unemployment fell to 4.1%, but CNBC said a broader underemployment rate rose to 7.9% and the average unemployment spell rose to 27.1 weeks. The Federal Reserve's target range stayed at 3.75% to 4%.

Did October's 165,000 jobs raise the paycheck you already have? No individual raise was announced. Average hourly earnings rose 0.4% in October and 3.1% from a year earlier. That is a national average, not a change to your contract.