October jobs report: US economy adds just 12,000 jobs as Boeing strike, hurricanes weigh on labor market
Published On Nov 1, 2024, 8:37 AM
The October jobs report revealed that the U.S. economy added only 12,000 jobs, significantly below the expected 100,000. This underperformance is attributed to disruptions caused by recent hurricanes and a strike at Boeing. The unemployment rate remained unchanged at 4.1%, while year-over-year wage growth increased to 4.1%. The report is pivotal as it precedes a scheduled Federal Reserve policy meeting, where market expectations lean towards a potential interest rate cut.