34 sources·Business

U.S. Job Growth Dismal in October Amid Economic Turbulence

The U.S. economy added only 12,000 jobs in October, a number significantly below expectations, amid hurricanes and labor strikes impacting the job market.

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Updated: Nov 1st, 2024, 8:28 PM ET

Summary

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The U.S. added just 12,000 jobs in October, the lowest increase since December 2020. Labor strikes and hurricanes disrupted growth, while unemployment held steady at 4.1%. Experts caution that underlying job market resilience may have been obscured. Manufacturing suffered major losses due to strikes at Boeing. The Federal Reserve is closely monitoring these developments ahead of a potential interest rate cut. Former President Trump's campaign critiqued the current administration regarding the weak job data, as the economic outlook remains a focal point just before the presidential election.

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