Bureau of Labor Statistics (BLS) monthly employment report

U.S. Job Growth Slows to 12,000 in October; Manufacturing Loses 46,000 Jobs

Nov 1, 2024, 12:37 PM

U.S. employers added just 12,000 jobs in October, marking the smallest gain since December 2020 and well below economists' expectations of approximately 100,000 to 113,000 new jobs. The unemployment rate held steady at 4.1%, matching estimates. The weak job gains are attributed to disruptions from hurricanes Helene and Milton and strikes in the manufacturing sector, notably a Boeing strike that contributed to a loss of 46,000 manufacturing jobs, exceeding the estimated decrease of 30,000. Employment in transportation equipment manufacturing decreased by 44,000, largely due to strike activity. Private sector payrolls decreased by 28,000, while government payrolls increased by 40,000. The labor force participation rate edged down to 62.6%, slightly below the expected 62.7%. Average weekly hours increased to 34.3 from 34.2 hours. Average hourly earnings rose by 0.4% month-over-month, slightly higher than the expected 0.3%, and increased by 4% year-over-year, matching expectations, bringing the average hourly wage to $35.46. The previous two months' job gains were revised downward by a total of 112,000, indicating a slowing trend in job growth.