October Jobs Report SHOCKER! US Job Growth CRASHES Before Election! Economy in Crisis?

Election Eve Jitters: October Jobs Report Shows Shockingly Weak Hiring!

US Job Growth Stalls: A Worrying Sign Before Election Day

The US economy just threw a curveball. The October jobs report, released Friday morning, showed far weaker hiring than anyone expected— a measly 12,000 jobs added. That's the lowest monthly increase since December 2020 and it’s nowhere near economists’ predictions of 110,000. It's also a huge drop from September’s initially reported 254,000. Yikes! This makes that upcoming election very uncertain for a lot of people, regardless of how people feel politically, these issues have economic consequences that directly impact a large population across various income brackets. And it might just signal those deeper, and largely undiscussed concerns that are entirely valid: These jobs reports, however accurate; always remains limited because other factors could negatively affect those raw numbers which ultimately determines whether certain situations remain stable or not.

The unemployment rate stayed put at 4.1%; matching forecasts; although it has crept up since last October’s 3.8%— reflecting tough times for those seeking employment or hoping to find higher-paying opportunities. It is very uncertain that even if the government attempts various actions, these will change and correct this overall pattern; especially given the extremely uncertain economic landscape surrounding it.

What Caused the Hiring Slowdown?

U.S. Added 12,000 Jobs In October—Final Labor Market Datapoint Before Election Far Worse Than Expected Image

So, what’s going on? Bank of America economists say several things contributed: nasty weather (Hurricane Milton) and several worker strikes—at least a 50,000 job decrease last month, alone. That government hiring bump— roughly 25,000 extra election workers– is also a contributing factor.

The government noted the likely influence that this hurricane and related natural disasters had on payrolls. Those things will necessarily show on this data alone. It highlights the fact that there is far more information to really study here. It would completely change how we study such things in various situations. For example; how could this type of reporting improve and what type of questions do we need to answer to create a model which completely takes these variables into account?

The Biden-Harris Economy: A Mixed Bag

Election live updates: Trump and Harris host dueling rallies in battleground Wisconsin Image

This jobs report was the final major data release before the election! And those things provide a summary of job growth under the current administration, from December 2020 to October. Overall things seem okay.

Nonfarm payrolls went up 12%, going from 142.5 million to 159 million. Sounds really positive! Yet its overall accuracy remains limited.
Unemployment dropped significantly – from 6.7% to 4.1%. Also a great number!
Average hourly wages also increased— 18.6%—going from $29.90 to $35.46.

Those sound good, but that improved economic state results partially from recovering from those earlier pandemic issues (remember those COVID-19 lockdowns?) That wage increase also has to account for higher inflation; those economic impacts that really didn't solve any fundamental underlying issues and really are important to consider as a whole.

Conclusion: Uncertain Times Ahead!

This weak October Jobs report delivers a jolt. The poor economic performance doesn’t give anyone hope and should bring a deep concern regardless of their stance on those issues. It was a seriously concerning development.

Economists and political analysts should completely take these economic problems into account while analyzing these figures. A weak job market isn’t great. Those wage gains got overshadowed by inflation. The effects will definitely ripple, regardless of other opinions regarding specific viewpoints. Uncertainty for both voters and analysts is the biggest element created by this unexpected development which remains deeply concerning.

October Jobs Report SHOCKER! US Job Growth CRASHES Before Election! Economy in Crisis?

US Job Growth Stalls: A Worrying Sign Before Election Day

What Caused the Hiring Slowdown?

The Biden-Harris Economy: A Mixed Bag

Conclusion: Uncertain Times Ahead!

Related Articles