Job creation in October hit its lowest level since late 2020, with nonfarm payrolls increasing by just 12,000, down from September and falling well short of the 100,000 jobs projected by Dow Jones.
The Bureau of Labor Statistics (BLS) reported Friday that the slow hiring pace was impacted by recent storms in the Southeast and a significant labor strike.
While the unemployment rate remained steady at 4.1%, meeting expectations, the broader unemployment measure, which includes discouraged workers and those working part-time for economic reasons, also held at 7.7%.
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The BLS report noted the Boeing strike likely contributed to a 44,000-job drop in manufacturing, which saw a total loss of 46,000 jobs. Additionally, hurricanes Helene and Milton affected the job market, though the BLS couldn’t quantify the storms’ exact impact.
Here’s the key takeaway:
- Job growth was weak: Only 12,000 jobs were added.
- Unemployment stayed the same: The unemployment rate remained at 4.1%, suggesting that the labor market is still relatively strong.
Despite the weak hiring, average hourly earnings rose 0.4% for the month, slightly above expectations, with a 4% annual increase. The average work-week remained steady at 34.3 hours.
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It’s worth noting that this is the last major economic report before Election Day, so it’s sure to be a topic of conversation in the final days of the campaign.
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