October Jobs Report Impacted by Hurricanes, Strikes

The upcoming jobs report, set for release on Friday, is expected to reveal a significant slowdown in U.S. hiring for October, with estimates ranging from 90,000 to 120,000 new jobs added, down from 254,000 in September. This decrease is partly attributed to disruptions caused by Hurricanes Helene and Milton, as well as the ongoing strike of approximately 33,000 Boeing workers, which could collectively lower job growth by up to 100,000 roles. Economists warn that the data may be skewed, as many affected workers won't be counted due to their inability to work during the survey period. The unemployment rate is predicted to rise slightly to around 4.2%. Analysts believe that the report will impact public perception of the economy amidst a tightly contested election, where economic issues are paramount. Despite the anticipated weak numbers, some experts suggest that overall consumer spending may remain resilient due to rising incomes.