The United States (US) job market reportedly slowed down in October amid hurricanes and strike by workers in the aerospace industry.
However, the unemployment rate must offer assurance that the labor market will remain strong ahead of Tuesday’s elections.
On the other hand, deadly Hurricane Helene devastated the Southeast in September, while Hurricane Milton struck Florida a week later, disrupting the job market.
As per Reuters, the employment report from the Labor Department which will be released today November 1, 2024 is important because it will be the final big economic update before the elections.
Despite the U.S. economy doing well as compared to other countries, many Americans are still frustrated by food and rental prices, meanwhile, the positive sign is that there have been low layoffs, highlighting the strength of the job market.
An economist at Indeed Hiring Lab, Cory Stahle said, "The labor market is still relatively solid, there's still plenty of opportunities out there.”
“But obviously things have cooled off, and people's experience with the labor market is going to be somewhat dependent on what type of work they're looking for.” He expressed.
In addition to this, the nonfarm payrolls are expected to have grown by 113,000 jobs in October, down from September's 254,000, which might mark the smallest job increase in sic months.
Notably, the Labor Department reported last week that 41,000 new workers went on strike, along with 33,000 mechanists at Boeing and 5,000 at Textron, an aircraft company.
This information was gathered when employees were surveyed for October’s employment report.
