In the final jobs report released before Election Day, the Biden-Harris administration has nothing to brag about…
U.S. job growth slowed to a trickle in October, coming in well short of economists’ expectations according to the Labor Department’s latest jobs report.
JUST IN: Dismal jobs report released showing the U.S. added just 12,000 jobs in October, falling well short of economist estimates of 110,000.
— Collin Rugg (@CollinRugg) November 1, 2024
46,000 manufacturing jobs were reportedly lost.
October was the worst month of job growth in nearly four years.
“The government… pic.twitter.com/cUy52zIaTq
“As expected, the October jobs report shows a big impact from Hurricanes Milton and Helene,” said Bill Adams, chief economist for Comerica Bank. “The big one-off shocks that struck the economy in October make it impossible to know whether the job market was changing direction in the month, but the downward revisions to job growth through September show it was cooling before these shocks struck.”
The Daily Caller News Foundation reports:
Economists expected 110,000 jobs to be added in October, far lower than the initially reported 254,000 job gain in September, and that the unemployment rate would hold steady at 4.1%. Previously reported job gains for August and September were revised down by 81,000 and 31,000, respectively, following a trend under the Biden-Harris administration of overestimating employment growth in initial estimates, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought.
Data released Wednesday showed U.S. economic growth was weaker than expected at 2.8% in the third quarter of 2024, 0.2% below economist expectations.
Prior to the September cut, the FOMC held its target federal funds rate at a 23-year high of 5.25% and 5.50% for eight straight meetings in an effort to combat runaway inflation, which rose from 1.4% when President Joe Biden took office up to roughly 9% in June 2022. The inflation rate sat at 2.4% as of September.
RedBalloon CEO Andrew Crapuchettes said in reaction to the ‘horrible” Labor Department’s October jobs report, “This is shockingly low.”
“There’s a lot of destruction that happened from both hurricanes and there will be a lot of construction jobs that are going to come out of that. That’s not an economic boom, and we shouldn’t see it that way, but it will cause some kind of disruption in the labor market,” he continued. “But, wow, I don’t know what to say. This is a horrible job report. The worst one that I think that I’ve ever seen and I think will have ripple effects throughout the economy.”
Crapuchettes noted that October is usually the busiest time for the retail industry hires ahead of the bulk of holiday shopping.
“I also think that there is kind of this wait-and-see, this hold effect that has been happening with this election coming up. I think this is an election that people are following more closely than usual. And a lot of the employers I’m talking to have just been like, ‘You know what? I’m just going to hold on any hiring. I’m going to hold on any investment. I’m going to hold on anything, until I find out how the election goes, because it’s not only taking a lot of my attention, but I don’t know how it’s going to go for the economy,’” Crapuchettes explained.
“So everyone’s kind of tightening their belt, kind of looking around, trying to figure out what’s going on,” he continued. “And the small businesses have been frozen watching this election. So I see those as the factors that are driving this. This is still a shocking number. And again, probably the worst job report I’ve ever seen. In October, right in front of the Christmas season, to only have 12,000 jobs just blows my mind.”
The unemployment rate was 4.1%, in line with expectations.
Unemployment has risen substantially since April 2023, when it sat at just 3.4%, according to the Federal Reserve Bank of St. Louis.
The economy is one of the top issues for voters in the upcoming presidential election, with a Gallup poll published on Oct. 9 finding 52% of voters consider candidates’ positions on the issue “extremely important.” According to the survey, most voters trust former President Donald Trump to handle the economy more than Vice President Kamala Harris, with 54% of registered voters trusting Trump to deal with the economy while just 45% favor Harris.
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UNEMPLOYED America limps on, while Kamala throws up her hands, as she continues to urge her followers to torn the next page to America’s History; However, that page appears to be blank and she has offered no clue as to WHAT it contains.
As far as we CAN SEE, THE PAGE REMAINS blank, just like her mind.
So far they’re falling SHORT all over