U.S. payrolls rose by 12,000 in October, well below economists’ estimate of 100,000, marking one of the slowest months for hiring in years.
Unemployment held steady at 4.1%. The lackluster report reflects a dent in hiring attributed to Hurricanes Milton and Helene, and a Boeing machinists strike, which temporarily prevented some people from working in Florida and North Carolina.
It’s the last jobs report to be released before Election Day Tuesday. Economists say this month’s report is less informative than usual jobs reports due to noise caused by the storms and strike.
“These jobs will likely rebound quickly and add to job growth numbers in coming months,” Economic Policy Institute chief economist Josh Bivens wrote in a research note.
