US employers added just 12,000 jobs last month

WASHINGTON (AP) — America’s employers added just 12,000 jobs in October, a total that economists say was held down by the effects of strikes and hurricanes that left many workers temporarily off payrolls. 

Last month’s hiring gain was down significantly from the 223,000 jobs that were added in September. But economists have estimated that Hurricanes Helene and Milton, combined with strikes at Boeing and elsewhere, had the effect of pushing down net job growth by tens of thousands of jobs in October.

Friday’s report from the Labor Department also showed that the unemployment rate remained at 4.1% last month. The low jobless rate suggests that the labor market is still fundamentally healthy, if not as robust as it was early this year. 

Economists have noted, too, that the United States has the strongest of the world’s most advanced economies, one that has proved surprisingly durable despite the pressure of high interest rates. This week, for example, the government estimated that the economy expanded at a healthy 2.8% annual rate last quarter, with consumer spending — the heart of the economy — helping drive growth.

Yet as voters choose between former President Donald Trump and Vice President Kamala Harris, large numbers of Americans have said they are unhappy with the state of the economy. Many people are exasperated by high prices, which surged during the recovery from the pandemic recession and remain about 20% higher on average than they were before inflation began accelerating in early 2021.

In the meantime, there have been signs of a slowdown in the job market. This week, the Labor Department reported that employers posted 7.4 million job openings in September. Though that is still more than employers posted on the eve of the 2020 pandemic, it amounted to the fewest openings since January 2021.

And 3.1 million Americans quit their jobs in September, the fewest in more than four years. A drop in quits tends to indicate that more workers are losing confidence in their ability to land a better job elsewhere.