US Job Market Stalls Amid Strikes and Storms

Job growth in the US nearly stalled in October due to aerospace industry strikes and hurricane impacts. Employment data revisions for August and September show lower job gains, while ongoing weather disruptions and strike actions affected the labor market ahead of the presidential election.

In October, US job growth was nearly at a standstill, influenced by aerospace industry strikes and severe weather conditions. These factors complicated the assessment of the labor market, particularly with the upcoming presidential election drawing near.

Revisions to employment data for August and September indicate a drop of 112,000 fewer jobs than initially reported. Despite holding steady at 4.1%, the unemployment rate reflects a decrease in labor force participation. Economists believe Federal Reserve officials might overlook this report to implement another interest rate cut next week.

The most recent employment data reveal that manufacturing payrolls have significantly diminished, primarily due to hurricane disruptions and machinist strikes at major companies like Boeing and Textron. Only healthcare and government sectors saw notable job increases, while other industries experienced declines.

(With inputs from agencies.)