US employers added a mere 12,000 jobs in October, impacted by hurricanes and strikes, reducing the overall payroll growth significantly from the previous month.
The unemployment rate remained steady at 4.1%, indicating a relatively healthy labor market despite the slowdown in hiring.
The big picture: Effects of recent hurricanes and strikes at companies like Boeing led to a decrease in net job growth last month, estimated to be tens of thousands of jobs.
- Economic indicators point to a fundamentally healthy labor market, with low unemployment rates and inflation levels nearing pre-pandemic levels, showcasing a stable economy just ahead of Election Day.
Go deeper: Government reports did not specify the number of jobs temporarily removed from payrolls due to storms and strikes, but it is estimated that around 100,000 jobs were affected.
- Some sectors experienced job losses, such as factories shedding 46,000 positions, while healthcare companies added 52,000 jobs, and state/local governments tacked on 39,000.
- The employment report for October revealed revised estimates for job gains in August and September, reflecting a slight cooling of the labor market before the impact of recent economic shocks.
