Job creation in October slowed to its weakest tempo since late 2020 because the impacts of storms within the Southeast and a major labor deadlock dented hiring plans.
Nonfarm payrolls elevated by 12,000 for the month, down sharply from September and beneath the Dow Jones estimate for 100,000, the Bureau of Labor Statistics reported Friday. It was the smallest achieve since December 2020.
The unemployment fee, nevertheless, held at 4.1%, according to expectations. A broader measure of unemployment that features discouraged employees and people holding part-time jobs for financial causes additionally was unchanged at 7.7%.
Within the report narrative, the BLS famous that the Boeing strike doubtless subtracted 44,000 jobs within the manufacturing sector, which misplaced 46,000 positions general.
Together with that, the report famous the impression of hurricanes Helene and Milton however mentioned “it’s not doable to quantify the online impact” of the storms on the roles whole.
Elsewhere, the bureau mentioned common hourly earnings elevated 0.4% for the month, barely increased than the estimate, although the 4% 12-month achieve was in line. The common work week held regular at 34.3 hours.
That is breaking information. Please verify again for updates.
