Before the election, the Boeing strike will negatively impact the last jobs report.

• At the time of the U.S. Labor Department's employment survey earlier this month, approximately 44,000 American workers were on strike.
• Economists expect the U.S. to have added 100,000 jobs in the month.
• The DOL's jobs report on Friday will be its final one before the election on November 5th.

The seven-week machinist strike, which will begin on Friday, will be the last U.S. jobs report to be released before the presidential election and the Federal Reserve's meeting next week. However, the company's impending job cuts will not become apparent for several months.

In mid-October, the Labor Department found that approximately 44,000 U.S. workers were on strike, with about 33,000 of them being Boeing machinists who walked off the job on September 13th after voting against a union-backed labor contract and in favor of their first strike since 2008.

According to economists, the U.S. is predicted to have gained 100,000 jobs in October. However, Bank of America forecasts that payroll counts will be at least 50,000 lower due to the strikes and the effects of both Hurricane Helene and Hurricane Milton.

In an Oct. 14 speech, Federal Reserve Governor Christopher Waller stated that the factors could lead to a 100,000-job impact on the October report, calling the reductions a "significant but temporary loss of jobs." He added that they may have a small effect on the unemployment rate, but it may not be visible.

The machinist strike at Boeing has made it harder for the company's new CEO, Kelly Ortberg, to navigate the company's financial, safety, and quality crises. The unionized machinists, primarily located in the Seattle area, rejected a new proposal by 64% last week, which offered 35% wage increases compared to the 25% increase in an earlier tentative agreement.

The Biden administration is pushing for a deal between the two sides.

The International Association of Machinists and Aerospace Workers District 751 announced late Tuesday that their Union bargaining committee had a productive face-to-face meeting with the company, with the continued assistance of Acting Secretary of Labor Julie Su, to address key bargaining issues.

Before the last proposal was voted on Oct. 23, Su had met with both sides.

Boeing's influence on U.S. employment figures will persist. Earlier this month, CEO Ortberg announced that the company would reduce its global workforce by 10%, or 17,000 individuals. However, job-loss warning letters are not anticipated to be distributed until mid-November.

Boeing's new CEO, Ortberg, stated that the company must streamline its operations and prioritize its core businesses.

""Employees often complain about too much overhead slowing them down. To address this, we will focus our workforce reduction on streamlining overhead activities and consolidating where possible," he stated during an Oct. 23 quarterly call."

Stephen Juneau, an economist at Bank of America, stated that layoffs and their announcements are more difficult to incorporate into federal employment surveys than strikes because "we lack a clear understanding of when they happen."

The Boeing strike could result in additional cuts in the aerospace supply chain's already precarious state.

Boeing's Wichita, Kansas, workers were put on a 21-day furlough earlier this week. A spokesman for the company, which is in the process of acquiring Spirit, stated that Spirit is considering additional furloughs or layoffs if the Boeing strike continues past November 25.