Labor market regains ground as job growth surges, unemployment rate falls to 4.1%

U.S. labor-market data points to renewed momentum in October, with the unemployment rate falling to 4.1% and job growth accelerating. The Labor Department’s closely watched employment report also revised prior months, showing the economy added 84,000 more jobs in August and September than previously reported. Economists had expected weaker results, but payrolls rose by 165,000 jobs after a revised 60,000 gain in September. The Reuters survey forecast 65,000. Despite more people entering the labor force, the job picture improved, even as historically low layoffs and rising job openings raise the risk of the market tightening. Some analysts linked part of the strength to higher federal and election spending.