Employers added 165,000 jobs in October, soaring past expectations

A jobs report on Friday showed hiring accelerated in October, providing the first major snapshot of the economy since the midterms as the stock market seesaws in response to the election results. Employers added 165,000 jobs in October, an increase from 60,000 jobs added a month earlier, U.S. Bureau of Labor Statistics data showed. The unemployment rate ticked down from 4.2% to 4.1%. The reading for October came in much higher than economists' expectation of 59,000 jobs added.

The dust continues to settle after Democrats' sweeping victories in the midterm elections. Follow live updates here.

Ohio's Democratic Gov.-elect Amy Acton said Friday that she has "no intention" of speaking to Vivek Ramaswamy, her Republican opponent in the governor's race, after he ran what she called a "terrible and despicable" ad featuring her estranged mother. In her first TV interview on "CBS Mornings," Acton was asked whether she had spoken to Ramaswamy since she defeated him in Tuesday's election . Ramaswamy said during his concession speech that he called Acton and left her a message to congratulate her on her win.

Elon Musk announced on X Friday that the electric car maker would wind down production of its stainless-steel pickup truck at its Texas factory by mid-2027. Musk, the CEO of Tesla and SpaceX, said the move is to "make room for increased Cybercab production," referring to Tesla's self-driving taxi. Wall Street analyst Dan Ives, senior managing director of Yorkville Ives & Co, told CBS News in an email that "the writing was on the wall" for the Cybertruck given the vehicle's high price and subpar demand. "Musk is focused on robotics and the robotaxi era, which frees up production with the Cybertruck ramp now winding down," Ives said.