In October 2024, the U.S. economy added only 12,000 jobs, a stark decline from September’s revised 223,000 and significantly below the anticipated 113,000. This marks the lowest job growth since December 2020, primarily influenced by strikes at Boeing and potentially impacted by hurricanes, although the Bureau of Labor Statistics (BLS) did not quantify the effects of the latter. The October numbers reflect a worrying trend, especially when compared to the 12-month average monthly gain of 194,000 jobs.

Sector Performance: Gains and Losses

While some sectors experienced growth, the overall job landscape was mixed. Health care saw a notable increase of 52,000 jobs, and government employment rose by 40,000. However, not all industries fared well. Temporary help services faced significant losses, shedding 49,000 jobs, and manufacturing declined by 46,000 jobs, primarily due to a 44,000 drop in transportation equipment manufacturing linked to the Boeing strikes.

Stability in Other Areas

Employment trends showed little change in several key sectors, including wholesale and retail trade, transportation, financial activities, and leisure and hospitality. This lack of movement suggests a broader stagnation in the job market, as many industries grapple with challenges that inhibit job growth.

Revisions Highlight Ongoing Challenges

Further complicating the picture, revisions for August and September revealed a total of 112,000 fewer jobs than previously reported. These adjustments highlight the ongoing challenges facing the U.S. labor market, raising concerns about the sustainability of job growth in the coming months. With the current job figures signaling potential vulnerabilities, stakeholders will need to closely monitor these developments.