Job Growth Slows in October: What's the Story?

October saw the slowest job growth since late 2020, with only 12, 000 new jobs created. That's a big drop from September and way below what experts were expecting. The unemployment rate stayed the same at 4. 1%, but a broader measure that includes people who want jobs but aren't actively looking also stayed steady at 7. 7%.

A big part of the slowdown was the strike at Boeing, which cut 44, 000 jobs in manufacturing. That's where most of the job losses happened. Hurricanes Helene and Milton also had an impact, but it's hard to say exactly how much they affected the numbers. Paychecks got a little bigger, though. The average hourly wage went up by 0. 4%, which is a bit more than what was expected. Over the past year, wages have gone up by about 4%. The workweek stayed the same, at 34. 3 hours. This news is still fresh, so keep an eye out for updates.

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