Employers added just 12,000 jobs in October, far slower growth than expected and the lowest total since December 2020 as devastating hurricanes and a major strike crushed jobs, according to government data.
Employers added just 12,000 jobs in October — far slower growth than expected — for the lowest job total since December 2020 as devastating hurricanes and a major strike across US ports crushed jobs, according to government data.
Economists surveyed by Dow Jones had expected payrolls to expand by 100,000, which still would have been a huge drop from September’s revised 223,000.
The employment rate remained unchanged at 4.1% and the number of unemployed people was little changed at 7 million, according to the US Bureau of Labor Statistics.
These numbers are up compared to this time last year, when the jobless rate was 3.8% and the number of unemployed people was 6.4 million.
As inflation has shown signs of cooling, the Federal Reserve has turned its attention to jobs data — hopeful for a low unemployment rate — ahead of its meeting on Nov.
