October jobs report expected to show slowing growth amid hurricane aftermath, Boeing strike

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1. October jobs report: US economy adds just 12,000 jobs as Boeing strike, hurricanes weigh on labor market

Yahoo Finance
October jobs report: US economy adds just 12,000 jobs as Boeing strike, hurricanes weigh on labor market

Josh Schafer · Reporter
Updated Fri, November 1, 2024 at 10:22 AM EDT 3 min read

The US labor market added far fewer jobs than expected in October as weather disruptions and worker strikes weighed on the labor market.

Data from the Bureau of Labor Statistics released Friday showed the labor market added 12,000 payrolls in October, less than the 100,000 expected by economists.

Meanwhile, the unemployment rate held steady at 4.1%, partly due to a difference in how the BLS collects data for that metric versus monthly job additions. Workers who were employed but earned no money wouldn't be counted as unemployed in the household survey, which is where the unemployment rate comes from. They would not be considered employed in the payroll survey, which is how job additions are tabulated.

October job additions came in far lower than the revised 223,000 added in September. Monthly job additions for August and September were also revised lower by a combined 112,000.

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