Jobs Remain Stable Despite Strikes and Storms

In October, U.S. job growth nearly stalled due to hurricanes and aerospace worker strikes, with just 12,000 jobs added. Despite this, unemployment remained at 4.1%, indicating a stable labor market before the election. The effects of strikes and weather disruptions contributed to the slowdown.

U.S. job growth slowed considerably in October, impacted by hurricanes and worker strikes, but maintained an unemployment rate of 4.1%, suggesting stability in the labor market ahead of Tuesday's election, the Labor Department reported on Friday.

Nonfarm payrolls added a mere 12,000 jobs, down from September's downwardly revised 223,000. Strikes affected over 41,000 aerospace workers during the survey period, and economists had expected a larger increase of 113,000 jobs despite weather-related disruptions.

Despite fewer jobs added, the unemployment figure held steady as striking workers were considered employed in household surveys. The Federal Reserve is anticipated to adjust interest rates amid these job market fluctuations. Wage and consumer spending growth continue to provide economic support.

(With inputs from agencies.)