US added 165,000 non-farm jobs in October, unemployment rate dropped to 4.1%

US non-farm payrolls increased by 165,000 in October, nearly three times the expected 59,000, while the unemployment rate fell to 4.1%. Prediction markets currently estimate a 79% probability that the Federal Reserve will raise interest rates in December, up from the previous 67%; the probability of maintaining rates unchanged has dropped to 22%. The strong hiring momentum has once again increased pressure on the Federal Reserve to tighten monetary policy.