US jobs data: Only 12,000 jobs added in October

Washington: America’s employers added simply 12,000 jobs in October, a complete that economists say was held down by the results of strikes and hurricanes that left many employees briefly off payrolls. The report offered a considerably blurry view of the job market on the finish of a presidential race that has pivoted closely on voters’ emotions concerning the financial system.

Final month’s hiring acquire was down considerably from the 223,000 jobs that had been added in September. However economists have estimated that Hurricanes Helene and Milton, mixed with strikes at Boeing and elsewhere, had the impact of pushing down web job progress by tens of 1000’s of jobs in October. Friday’s report from the Labor Division additionally confirmed that the unemployment price remained at 4.1% final month. The low jobless price means that the labor market remains to be essentially wholesome, if not as strong because it was early this yr. Mixed with an inflation price that has tumbled from its 2022 peak to close pre-pandemic ranges, the general financial system seems to be on strong footing on the eve of Election Day.

The federal government didn’t estimate what number of jobs had been seemingly eliminated briefly from payrolls final month. However economists have stated they suppose the storms and strikes precipitated as much as 100,000 jobs to be dropped. Reflecting the influence of the strikes, factories shed 46,000 positions in October.