Job growth in the United States experienced a significant slowdown in October, with the Labor Department reporting that only 12,000 jobs were added, a sharp decline from the previous month’s increase of 223,000.
Disruptions Impact Hiring
The October job figures reflect the economic disruptions caused by hurricanes and strikes, which have contributed to the reduced hiring numbers. Despite the slowdown in job creation, the unemployment rate remained steady at 4.1%.
Sector Performance
According to the Labor Department, sectors such as healthcare and government continued to see growth last month. However, the manufacturing sector saw fewer new jobs created, primarily due to the effects of ongoing strike activity.
Economists’ Expectations Missed
The addition of just 12,000 jobs fell well short of economists’ predictions. A survey conducted by Reuters had anticipated a more robust increase of 113,000 jobs, highlighting the unexpected nature of the report.
(Includes inputs from online sources.)
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