This figure is significantly lower than the Dow Jones estimate, which projected an increase of 100,000 jobs for the month. The October numbers represent the smallest gain since December of the previous year.
According to The Post Millennial, the Bureau of Labor Statistics (BLS) reported an addition of 52,000 jobs in the health care sector and 40,000 in government jobs. However, the manufacturing sector saw a decrease of 46,000 jobs, including a significant drop of 44,000 in transportation equipment manufacturing. This decline was largely attributed to strike activity, with CNBC reporting that the referenced strike occurred at Boeing.
The report also highlighted that the unemployment rate in October remained stagnant at 4.1 percent, with 7 million people unemployed. This figure marks an increase from October 2023, when the unemployment rate was 3.8 percent, and 6.4 million people were unemployed.
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The BLS also revised down the unemployment figures for August by 81,000, from 159 jobs added to 78,000, and September from 254,000 to 223,000. It was revealed in August that total unemployment between March 2023 and March 2024 was revised down by 818,000.
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The number of individuals employed part-time for economic reasons saw little change, with 4.6 million people working in such jobs. These individuals are those who would have preferred full-time positions but were working part-time because their hours had been reduced or they were unable to find full-time jobs.
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The October report also covers the period during which Hurricanes Milton and Helene wreaked havoc in the southeast US. Reuters reported that 512,000 people were unable to work due to bad weather, marking the highest figure since the BLS began tracking this data in 1976.
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Cory Stahle, an economist at the Indeed Hiring Lab, offered his insights to CNBC, stating, "At first glance, October’s jobs report paints a picture of growing fragility in the U.S. labor market, but under the surface is a muddy report roiled by climate and labor disruptions. While the impacts of these events are real and should not be ignored, they are likely temporary and not a signal of a collapsing job market."
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President Joe Biden addressed the situation in a statement, saying, "Job growth is expected to rebound in November as our hurricane recovery and rebuilding efforts continue. In addition, I want to congratulate the leadership of the Machinists and Boeing for negotiating a new contract proposal that will be voted on by union members. Machinists at Boeing have sacrificed over the years and deserve a strong contract."
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He further emphasized the need for continued efforts, stating, "There’s more work to do. We are working every day to lower costs for working families on rent, prescription drugs, health insurance, and child care. Congressional Republicans, however, are proposing a national sales tax that would cost families nearly $4,000 a year, hurt American manufacturing, and cut hundreds of thousands of jobs."
