The much-anticipated report is the last major economic data released before the election of the next US President.
Today, the U.S. Bureau of Labor Statistics released “The Employment Situation”, showing a slow in U.S. job growth in October. The U.S economy added only 12,000 jobs in the month of October.
October data from the household and establishment surveys are the first collected since Hurricanes Helene and Milton struck the United States. The survey stated that the hurricanes, which caused severe damage in the southeast portion of the country, affected the findings of the jobs report.
According to the report, the unemployment rate was unchanged at 4.1 percent in October, and the number of unemployed people was little changed at 7.0 million – higher than a year earlier.
The number of people employed part-time was little changed at 4.6 million. The survey stated, “these individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs.”
The total nonfarm payroll employment was essentially unchanged in October. Health care added 52,000 jobs, and employment rose in ambulatory health care services and nursing and residential care facilities
Temporary help services lost jobs, and employment declined in manufacturing due to “strike activity”. The report acknowledges that the Boeing strike likely subtracted 44,000 jobs in the manufacturing sector.
Average hourly earnings rose 0.4%. Wages increased 4.0% in the 12 months through October.
By CEO NA Editorial Staff
