US Job Growth Slows Ahead of Election

U.S. job growth in October was significantly lower than expected, with only 12,000 jobs added, influenced by hurricanes and labor strikes, such as those at Boeing, which temporarily impacted payrolls. This figure fell short of the 110,000 new jobs anticipated and represents the slowest pace of hiring since December 2020. Despite these challenges, the unemployment rate remained steady at 4.1%, and sectors like healthcare and government saw employment increases. Economists have warned that this report, distorted by natural disasters and strikes, may not accurately reflect employers' hiring appetites and could be revised later. The weak job numbers come at a critical time, just before the U.S. presidential election and a Federal Reserve meeting, where an interest rate cut is anticipated.