The United States created only 12,000 jobs in October, according to the final report before the elections | US Unemployment and Employment Data

The United States added just 12,000 jobs in October, the last glimpse of the jobs market before Election Day, according to a report heavily affected by the Boeing strike and two recent hurricanes.

The unemployment rate remained unchanged at 4.1%.

The closely watched jobs report is the latest economic news before next week's election. Many polls indicate that the economy is voters' top concern.

Nonfarm payrolls have continued to grow in recent years. The unemployment rate now stands at 4.1%

Economists expected the temporary impacts of Hurricanes Helene and Milton and the ongoing strike by 33,000 Boeing workers in the Pacific Northwest to reduce job growth in October. But the number of jobs created was well below their estimate of 120,000 jobs for the month.

The U.S. job market has cooled after years of robust growth. The October figure was the lowest since December 2020.

Donald Trump's campaign relied on weak growth figures. This jobs report is a disaster and definitively reveals how Kamala Harris has broken our economy, the Republican presidential campaign said in a statement.

The White House Council of Economic Advisers decided to downplay the weak job growth figures, blaming distortions from hurricanes and the Boeing strike. The number of people out of work due to bad weather increased by 460,000 in October, the statement said. When the data signal is scrambled, look at the underlying trend, the council added in a blog post.

In a statement, Joe Biden blamed the October reading on storm devastation and strikes. Job growth is expected to rebound in November as our hurricane recovery and rebuilding efforts continue, the US president said.

The U.S. economy remains strong, with 16 million jobs created since I took office, Biden added. There is still work to be done. We work every day to lower costs for working families on rent, prescription drugs, health insurance and child care.

Job creation unexpectedly accelerated in September as the United States added a revised 223,000 jobs, marking the strongest month of job growth since March 2024. as of October, the average number of jobs created per month in 2024 was around 200,000.

Manufacturing jobs fell by 46,000 in October, likely due to the Boeing strike that could end next week when workers vote on a new deal. Leisure and hospitality, usually a major source of new jobs, lost 4,000 positions. The Labor Department's latest report also reduced a total of 112,000 jobs from the August and September hiring totals.

It is likely that wage employment estimates in some sectors were affected by the hurricanes; However, it is not possible to quantify the net effect on the within-month change in national estimates of employment, hours, or earnings because the establishment survey is not designed to isolate the effects of extreme weather events, the Labor Department reported.

The continued strength in the job market surprised some economists who had expected job losses as the Federal Reserve raised interest rates to combat inflation.

The United States now appears headed for a soft landing, with interest rates falling, inflation slowing and employers continuing to hire.

Inflation in the United States hit a three-year low in August 2024, falling to its lowest level since February 2021, with the annual rate of the Consumer Price Index at 2.5% before the first cut in interest rates from the Federal Reserve since the start of the health crisis. 19 pandemic.

Polls, however, show that Americans are deeply unhappy with the state of the economy and the cumulative price increases they have experienced thanks to three years of high inflation.

And while economic indicators show a strong and resilient economy, Republican lawmakers and Trump have sought to portray the economy in a negative light.

Trump falsely claimed that the United States is currently experiencing the worst economy ever. Last month, Biden pushed back on Republican claims that the latest jobs report was fake, saying that anything Maga Republicans don't like, they call fake. Nothing. Job numbers are what job numbers are.

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