In October, U.S. employers added only 12,000 jobs, significantly down from 223,000 in September, largely due to strikes and hurricanes.
Economists estimate that these disruptions may have temporarily removed up to 100,000 jobs from payrolls last month.
Despite the low job growth, the unemployment rate held steady at 4.1%, indicating a fundamentally healthy labor market.
The Labor Department's report shows a cooling trend in the job market, with downward revisions for August and September by 112,000 jobs.
Factories lost 46,000 jobs due to strikes, while temporary job agencies saw a decline of 49,000 positions, suggesting cautious hiring.
On a positive note, healthcare added 52,000 jobs and state and local governments increased employment by 39,000.
Even with economic challenges, the U.S. economy grew at a 2.8% annual rate last quarter, driven by consumer spending.
As Election Day approaches, many voters express dissatisfaction with the economy despite decreasing inflation rates.
High prices remain a concern for Americans, averaging about 20% higher than pre-inflation levels in early 2021.
The Federal Reserve plans to cut interest rates, hoping to ease borrowing costs for consumers and businesses as inflation cools.
Job openings in September dropped to 7.4 million, the lowest since January 2021, signaling a slowdown in the job market.
Moreover, only 3.1 million Americans quit their jobs in September, indicating waning confidence in finding better opportunities.
Economists emphasize that while the job market is cooling, it is not collapsing, and job security remains relatively high.
Employers report easing labor shortages, with some companies like Abt Electronics finding it easier to hire.
As the economy adjusts, employers are hopeful for more qualified candidates, balancing challenges and opportunities in hiring.
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