Biden-Harris admin added only 12,000 jobs in October, lowest since December 2020

The Bureau of Labor Statistics reported that 52,000 jobs were added in health care and 40,000 were added in government jobs, while manufacturing jobs decreased by 46,000, including 44,000 in transportation equipment manufacturing that was "largely due to strike activity." According to CNBC, the strike referenced took place at Boeing.

The 12,000 increase in nonfarm payrolls is far below the Dow Jones estimate for 100,000 added in the month. The October numbers are the smallest gain since December of 2020.

The report noted that unemployment in October remained unchanged, at 4.1 percent, and the number of people unemployed was 7 million. This is up from October 2023, when the unemployment rate was 3.8 percent, and 6.4 million people were unemployed.

The BLS said that unemployment for August was revised down by 81,000, from 159 jobs added to 78,000, and September was revised down from 254,000 to 223,000. In August, it was revealed that total unemployment between March 2023 and March 2024 was revised down by 818,000.

The number of people employed part-time for economic reasons saw little change, with 4.6 million people working in such jobs. These people are those who would have preferred full-time positions but were working part-time because their hours had been reduced or they were unable to find full-time jobs.

The October report covers the time frame in which Hurricanes Milton and Helene devastated the southeast US, with 512,000 people reporting that they were unable to work due to bad weather, Reuters reported. This is the highest since the Bureau of Labor Statistics began tracking the figure in 1976.

Cory Stahle, an economist at the Indeed Hiring Lab, told CNBC, "At first glance, October’s jobs report paints a picture of growing fragility in the U.S. labor market, but under the surface is a muddy report roiled by climate and labor disruptions. While the impacts of these events are real and should not be ignored, they are likely temporary and not a signal of a collapsing job market."

In a statement, President Joe Biden said, "Job growth is expected to rebound in November as our hurricane recovery and rebuilding efforts continue. In addition, I want to congratulate the leadership of the Machinists and Boeing for negotiating a new contract proposal that will be voted on by union members. Machinists at Boeing have sacrificed over the years and deserve a strong contract."

He later added, "There’s more work to do. We are working every day to lower costs for working families on rent, prescription drugs, health insurance, and child care. Congressional Republicans, however, are proposing a national sales tax that would cost families nearly $4,000 a year, hurt American manufacturing, and cut hundreds of thousands of jobs."