WASHINGTON, Nov 02 (Reuters): US job growth almost stalled in October as strikes in the aerospace industry depressed manufacturing employment while hurricanes shortened the collection period for payrolls, making it hard to get a clear picture of the labor market ahead of next week's presidential election.
The Labour Department's closely watched employment report on Friday was the last major economic data before Americans head to the polls to choose Democratic Vice President Kamala Harris or Republican former President Donald Trump as the country's next president. Polls show the race is a toss-up.
Nonetheless, the labor market is cooling, with employment gains for August and September revised down by 112,000 jobs. While the unemployment rate held steady at 4.1 per cent in October, that was because more people left the labor force. Economists expected Federal Reserve officials would brush aside the report and deliver another interest rate cut when they meet next week.
US labour market staggers after blow from hurricanes
FE Team | Published: November 02, 2024 21:48:23
US labour market staggers after blow from hurricanes
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