WASHINGTON—The U.S. added 12,000 jobs in October, the government reported Friday.
The figure is well below analysts’ expectations.
The unemployment rate remained steady at 4.1%.
America's Credit Unions Senior Economist Dawit Kebede pointed out Hurricanes Helene and Milton had a big effect on new jobs added.
“The October jobs report showed a dismal gain of only 12,000 jobs, falling well below expectations” Kebede said. “Additionally, hiring data for August and September was revised down by over a 100,000 bringing the average monthly job gain in the last three months down to 104,000.”
Kabede noted the Bureau of Labor Statistics stated the response rates to the payroll survey were lower than usual, and Hurricanes Helen and Milton likely impacted the numbers.
“While, monthly numbers have been volatile, the overall trend shows that job gains are slowing down. Hence, the federal reserve is expected to reduce the federal funds rate by 50 basis points by the end of the year.”