Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000, the Bureau of Labor Statistics reported Friday.
In what had already been expected to be a downbeat report, October posted the smallest gain since December 2020.
A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also was unchanged at 7.7%.
In the report narrative, the BLS noted that the Boeing strike likely subtracted 44,000 jobs in the manufacturing sector, which lost 46,000 positions overall.
The meager jobs numbers along with wages about in line with expectations help cement another interest rate cut from the Federal Reserve next week.
Persons:
Nonfarm, Dow Jones, Helene, Milton, Cory Stahle, Kamala Harris, Republican Donald Trump, Lisa Sturtevant
Organizations:
of Labor Statistics, BLS, Boeing, Federal Reserve, Republican, Bright MLS
Locations:
U.S