The government noted that employment fell in manufacturing, losing 46,000 jobs in October, primarily due to Boeing strike activity, reflecting significant industry impacts.
The report indicates a drastic slowdown in job growth, with only a net increase of jobs at 110,000—the worst payroll figure since December 2020 with multiple contributing factors.
Economists expected this jobs report to show messy data lacking clarity on labor market health due to hurricane impacts and ongoing strikes affecting major employers.
This crucial jobs report is strategic, arriving before the presidential election and the Federal Reserve's policy meeting, amid growing concerns over economic conditions.
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