U.S. payrolls rose by 12,000 in October, effectively beneath economists’ estimate of 100,000, marking one of many slowest months for hiring in years.
Unemployment held regular at 4.1%. The lackluster report displays a dent in hiring attributed to Hurricanes Milton and Helene, and a Boeing machinists strike, which quickly prevented some individuals from working in Florida and North Carolina.
It is the final jobs report back to be launched earlier than Election Day Tuesday. Economists say this month’s report is much less informative than traditional jobs stories as a result of noise attributable to the storms and strike.
“These jobs will probably rebound shortly and add to job progress numbers in coming months,” Financial Coverage Institute chief economist Josh Bivens wrote in a analysis observe.
