Job creation in October fell to the weakest rate since late 2020 as the effects of storms in the Southeast and significant labor conflicts affected hiring plans.
Nonfarm payrolls rose by 12,000 for the month, down sharply from September and below the Dow Jones estimate of 100,000, according to the Department of Labor Statistics on Friday. This is the smallest increase since December 2020.
However, the unemployment rate remained at 4.1%, in line with estimates.
In the narrative of the report, the BLS stated that the Boeing strike may have reduced 44,000 jobs in the manufacturing sector, which overall lost 46,000 positions.
In addition, the report also mentioned the impact of storms Helene and Milton but said that it was "not possible to quantify the net effect" of those storms on total employment.
