US Job Growth Slows Amid Strikes and Hurricanes, Dollar Pared Gains

U.S. job growth slowed significantly in October due to hurricanes and strikes, leading to a reduction in the dollar's gains against the euro. Nonfarm payrolls rose by just 12,000 jobs, impacting market forecasts. The unemployment rate remains steady, and future interest rate cuts are anticipated.

The dollar trimmed its advances against the euro on Friday following a report indicating a pronounced slowdown in U.S. job growth for October. The Labor Department revealed a modest increase of 12,000 nonfarm payrolls, a stark contrast to September's adjusted 223,000.

Economists had projected gains of 113,000, attributing October's shortfall to hurricanes and aerospace strikes that disrupted employment figures. Despite this, the U.S. unemployment rate remains unchanged at 4.1%, maintaining the perception of a resilient labor market.

Market analysts anticipate a probable quarter-point interest rate cut in November, underpinning steady financial market conditions ahead of the upcoming presidential election, where polls suggest a tight race between contenders.

(With inputs from agencies.)