U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike

Job creation in October fell to its lowest level since late 2020, with nonfarm payrolls increasing by just 12,000, far below expectations of 100,000.

The unemployment rate held steady at 4.1%, and a broader measure of unemployment remained unchanged at 7.7%.

The Bureau of Labor Statistics noted the Boeing strike likely accounted for a loss of 44,000 manufacturing jobs, while hurricanes Helene and Milton impacted the labor market, though their exact effects were unquantified.

Average hourly earnings rose by 0.4%, aligning with estimates.

Despite the disappointing jobs report, financial markets reacted positively, with expectations of an interest rate cut from the Federal Reserve next week, CNBC has reported.

read more: https://www.cnbc.com/2024/11/01/us-jobs-report-october-2024.html

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