One chart shows where the jobs will be in October 2024.
- The October jobs report marked the weakest pace of job creation since 2020.
- Employment growth across industries showed a mixed U.S. economy.
- Government, health care, and social assistance were the driving forces behind growth during the specified timeframe.
The U.S. economy showed mixed employment growth across different industries in October, as the jobs report came in weaker than anticipated.
The largest job growth last month was in health care and social assistance, with 51,300 new positions added, according to Bureau of Labor Statistics data. If private education is included with the health care group, the category would have shown even more growth at 57,000.
The government experienced the second-highest job growth in the period, with a 40,000 job surge, which is nearly the same as the group's average monthly gain of approximately 43,000 in the previous 12 months.
Wholesale trade and construction experienced growth of 10,400 and 8,000, respectively.
Despite other industries experiencing significant losses, professional and business services recorded the highest decline of 47,000, while manufacturing followed closely behind with a decline of 46,000.
The Boeing machinist strike, which has been ongoing for over seven weeks, has been cited as a significant factor in the decline of manufacturing activity, according to the Bureau of Labor Statistics. On Thursday, Boeing and the union reached a new contract offer that will be voted on on Monday.
ZipRecruiter's chief economist, Julia Pollak, stated that the report primarily reflects the effects of the strike and storms, including Hurricanes Helene and Milton, but it may not necessarily be a "blip."
"The ongoing labor market slowdown is consistent with the big picture, and the main issue in the labor market is still restricted monetary policy, not strikes and storms, which is a consistent narrative we've seen."
In the September report, leisure and hospitality, which led employment growth, and retail trade experienced declines. While leisure and hospitality lost 4,000 jobs, retail trade suffered a more significant decline of 6,400 jobs.
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