US Job Report may Offer Little Relief ahead of Next Week's US Election and Meetings by Half of the G10 Central Banks

Total nonfarm payroll employment was essentially unchanged in October (+12,000), and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care and government. Temporary help services lost jobs. Employment declined in manufacturing due to strike activity. The unemployment rate was unchanged at 4.1 percent in October, and the number of unemployed people was little changed at 7.0 million. These measures are higher than a year earlier, when the jobless rate was 3.8 percent, and the number of unemployed people was 6.4 million. (See table A-1.) This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note. post: Annnd my favorite part....the revisions The change in total nonfarm payroll employment for August was revised down by 81,000, from +159,000 to +78,000, and the change for September was revised down by 31,000, from +254,000 to +223,000. With these revisions, employment in…U.S. economy added 12,000 jobs in October, far less than expected; unemployment rate at 4.1% Job creation in October slowed to its weakest pace since late 2020 as the impacts of storms in the Southeast and a significant labor impasse dented hiring plans. Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000, the Bureau of Labor Statistics reported Friday. It was the smallest gain since December 2020. The unemployment rate, however, held at 4.1%, in line with expectations. In the report narrative, the BLS noted that the Boeing strike likely subtracted 44,000 jobs in the manufacturing sector, which lost 46,000 positions overall. Along with that, the report noted the impact of hurricanes Helene and Milton but said “it is not possible to quantify the net effect” of the storms on the jobs total. Elsewhere, the bureau said average hourly earnings increased 0.4% for the month, slightly higher than the estimate, though the 4% 1