NEW YORK — The U.S. economy added a modest 12,000 jobs in October 2024, marking the final employment report before a pivotal election and Federal Reserve meeting.
This is the lowest it has been since December 2020. This gain is significantly lower than September's revised 223,000 jobs and well under economists' expectations for a 112,500 increase.
Unusually severe disruptions shaped this report. Two hurricanes and widespread labor strikes affected the data collection process. Despite these factors, the unemployment rate remains steady at 4.1%, suggesting underlying stability amid temporary shocks.
According to the latest Bureau of Labor Statistics (BLS) report, while certain sectors saw steady gains, others reported significant job losses.