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Nonfarm Payrolls in One Chart: Employment Sees Significant Drop, Missing October Forecasts

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In One Chart wrote a column · Nov 1 21:13
In October 2024, the US economy saw the addition of only 12,000 jobs, a sharp decline from the 223,000 jobs added in September, which itself was a downward revision. This figure was also significantly below the anticipated 113,000 jobs, marking the lowest growth since December 2020.
Nonfarm Payrolls in One Chart: Employment Sees Significant Drop, Missing October Forecasts
Additionally, hurricanes may have impacted job numbers in certain industries, although the Bureau of Labor Statistics was unable to determine their overall effect. This October's job increase was well below the average monthly gain of 194,000 seen over the previous year.
Despite the overall downturn, some sectors still reported job growth; health care added 52,000 jobs, and government roles increased by 40,000.
On the other hand, temporary help services saw a reduction of 49,000 jobs, and manufacturing employment dropped by 46,000 jobs. This decline in manufacturing was heavily influenced by a 44,000 job decrease in transportation equipment manufacturing, largely attributed to the Boeing strike.
Revisions for August and September's employment figures further revealed a combined reduction of 112,000 jobs compared to earlier reports.
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