Job growth in October took a hit, marking the slowest increase since late 2020. Storms in the Southeast and a big labor dispute played a part in this slowdown. According to the Bureau of Labor Statistics, nonfarm payrolls rose by just 12,000 jobs last month—way down from September and far below the expected increase of 100,000.
Despite this disappointing news, the unemployment rate stayed steady at 4.1%, which is what many expected. A broader measure of unemployment that includes those who are discouraged from working and people stuck in part-time jobs also held steady at 7.7%.
The report mentioned that the strike at Boeing likely caused a loss of about 44,000 jobs in manufacturing, which overall saw a drop of 46,000 positions.
