US jobs growth slows sharply amid strikes and hurricanes

Published On Nov 1, 2024, 8:56 AM

In October, the U.S. experienced a sharp slowdown in job growth, adding only 12,000 jobs compared to 223,000 the previous month. This trend was influenced by strikes and hurricanes impacting the economy. The unemployment rate remained steady at 4.1%. While job addition in healthcare and government sectors continued, manufacturing saw a decline due to labor disruptions. Economists had anticipated a higher job growth figure for the month, making this report significant as it arrives just before the presidential elections.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

XLI View XLI chart on TradingView

Negative

The slowdown in job growth, particularly in the manufacturing sector, suggests that economic conditions may lead to lower consumer spending and reduced corporate earnings. This may negatively influence investor sentiment and market performance in related sectors.

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Positive

The resilience of healthcare job growth indicates stability in that sector, which may remain attractive to investors despite broader economic challenges. Companies in the healthcare sector might see continued demand and investment.

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