US provides solely 12,000 jobs in October in ultimate report earlier than election

The US added simply 12,000 jobs in October, the final snapshot of the employment market earlier than election day, in a report closely impacted by the strike at Boeing and two latest hurricanes.

The unemployment price was unchanged at 4.1%.

Non permanent impacts from Hurricane Helene, Hurricane Milton and the continuing strike by 33,000 Boeing employees within the Pacific north-west had been anticipated to scale back job development numbers in October. Economists estimated 120,000 jobs could be added for the month and the unemployment price would stay regular at 4.1%.

Job creation accelerated unexpectedly in September because the US added a revised 223,000 jobs, within the strongest month of jobs development since March 2024. Till October the typical variety of jobs gained per 30 days in 2024 has been about 200,000.

The persevering with energy of the roles market has stunned some economists who anticipated job losses because the Federal Reserve elevated rates of interest to deal with inflation.

The US now appears to be heading in the direction of a “smooth touchdown” with rates of interest falling, the speed of inflation slowing and employers nonetheless hiring.

Inflation within the US hit a three-year low in August 2024, falling to its lowest degree since February 2021, with the patron worth index annual price at 2.5% forward of the Federal Reserve’s first minimize to rates of interest because the begin of the Covid-19 pandemic.

Polling, nonetheless, exhibits that People are deeply sad with the state of the financial system and the cumulative worth rises that they’ve skilled thanks to a few years of excessive inflation.

And whereas financial indicators have proven a resilient, sturdy financial system, Republican elected officers and Donald Trump have sought to painting the financial system negatively.

Trump has falsely claimed the US presently has “the worst financial system ever”. Final month, Joe Biden pushed again on Republican claims that the final jobs report was faux, stating, “something the Maga Republicans don’t like, they name ‘faux’. Something. The job numbers are what the job numbers are.”