October labor report: Sluggish job growth, hampered by hurricanes, strikes
The US labor market added 12,000 jobs in October, according to the Bureau of Labor Statistics. The unemployment rate remained unchanged at 4.1%. The October report was lower than economists’ expectations due, in part, to several labor strikes and devastating hurricanes in the Southeast.
Healthcare saw 52,000 jobs added in October.
Additional growth was reported in government, where 40,000 new jobs were added. Professional and business services and leisure/hospitality saw losses of 47,000 and 4,000, respectively.
Although the report is not as strong as previous months, most economists attribute much of the slowdown to effects related to the recent hurricanes and strikes. Additionally, the October numbers, combined with other economic factors, point to another likely quarter-point interest rate cut by the Fed when they meet next week.
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Download the October labor report.
Source: October 2024 Monthly Jobs Report, Bureau of Labor Statistics
