U.S. Adds 12,000 Jobs vs. 106,000 Expected; Hurricanes, Strikes Hit Labor Market

Nov 1, 2024, 12:58 PM

The U.S. economy added just 12,000 jobs in October, significantly below economists' expectations of 106,000 to 110,000, marking the weakest job growth since December 2020. The unemployment rate remained unchanged at 4.1%, the same as in September. The subdued job gains are attributed to the impact of Hurricanes Milton and Helene, as well as labor strikes, including a major strike at Boeing, which temporarily sidelined workers and disrupted payrolls. Manufacturing employment was particularly affected, with a reported loss of 44,000 jobs in the sector. Additionally, revisions to August and September data showed a combined downward adjustment of 112,000 jobs; September's job gains were revised down from 223,000. The Bureau of Labor Statistics reported that these factors contributed to the slowdown, further signaling a weakening labor market.