U.S. economy adds 161,000 jobs in October

Job growth is on the rise, according to the Labor Department, which reported Friday that Nonfarm payrolls rose by a seasonally adjusted 161,000 in October. Unemployment is down to 4.9% last month from 5% in September because the labor force shrank. One key detail from Friday's report: Average hourly earnings for private-sector workers rose 2.8% in October compared with a year earlier.