Employment Rose by 12,000 in October

Washington, DC, November 1, 2024-Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1%, the U.S. Bureau of Labor Statistics reported. 

Employment continued to trend up in healthcare and government. Temporary help services

lost jobs. Employment declined in manufacturing due to strike activity.

“Job growth slowed sharply last month, with workers sidelined by hurricane effects and the continuing Boeing strike,” reports the Wall Street Journal.

“The Labor Department on Friday reported that the economy added a seasonally adjusted 12,000 jobs in October, versus a September gain of 223,000. Economists polled by The Wall Street Journal, anticipating storm and strike effects, expected a gain of 100,000.

“The unemployment rate stayed steady at 4.1%, in line with economists’ expectations.

“Hurricanes Helene and Milton put thousands of people out of work across the Southeast, while the Boeing strike took more people off the job. The sharp drop in growth could indicate that disruptions played a much larger role than anticipated. Still, the downturn is likely temporary, and didn’t impact the larger dynamics of the market. Unemployment remained low and wages continued to rise.

“Average hourly earnings were up 4% from a year earlier.”