The American economy gained 12,000 jobs last month. We need 90,000 new jobs just to keep up with population growth, which means that net job growth clocked in at -78,000 jobs. The headline unemployment rate stayed at 4.1%.
The jobs survey is in the field early each month, and October's survey may have been affected by Hurricane Milton. However, the BLS says data collection was fairly normal, so the October numbers were most likely just an extension of the downward trend that's been obvious for years.
The good news is that the Fed certainly has no reason to hold back on further rate cuts anymore. In fact, they should do another big one.
The Boeing strike and the ripple effects from that across the aerospace industry are probably affecting this as well. I'm sure Trump will try to make hay out of it, but it just makes the case for another solid rate cut all the stronger, as Kevin suggests.
While, likely, one report will have no impact, I am sure Harris does not love the timing of this particular jobs report.
Would be nice to see this trend back to 2016. The pandemic hiring bubble makes it look strange.
Disappointed, MAGA propagandists have had to delete the stories they had ready to post decrying the "unbelievable employment figures" released just before the election, obviously as a form of "election interference".
You're kind of missing the point when the unemployment rate remains the same even as there are fewer employed persons in the household data.
Employed persons
Sept 2024: 162,046
Oct. 2024: 161,938