U.S. nonfarm payrolls rose by 165,000 in October, far above the 59,000 forecast by economists surveyed by Dow Jones. Employment among management, scientific and technical consultants increased by 17,300 in one month, pushing their workforce above 1.9 million, while temporary hiring added 18,600 jobs, potentially signaling a strengthening labor market. The data suggests that artificial intelligence is creating more jobs than it is destroying, with Moody’s Analytics estimating a net gain of 786,000 jobs since ChatGPT launched in November 2022. Holiday-related and election-related hiring also contributed to the increase, although the approaching holiday season and the 2026 midterm elections, described as the most expensive on record, may explain some of the strength.
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