2024-11-01 16:45:00
The jobs report for October came in much weaker than expected, and employment growth across different industries painted a mixed picture for the U.S. economy.
The biggest contribution last month came from health care and social assistance, with 51,300 new positions added in that area, per data from the Bureau of Labor Statistics. If private education is included with the health-care group, like some economists do, the category would have shown even more growth at 57,000.
Government had the second-highest gains in the period, seeing jobs surge by 40,000. That is close to the group’s average monthly gain of roughly 43,000 in the prior 12 months.
Meanwhile, wholesale trade and construction also saw some gains, recording growth of 10,400 and 8,000, respectively.
Other industries recorded massive losses, however. Professional and business services led the way, posting declines of 47,000. Manufacturing was right behind that category, declining by 46,000.
Notably, the Bureau of Labor Statistics cited strike activity as a driver of the declines in manufacturing. Boeing‘s machinist strike has been going on for more than seven weeks. On Thursday, however, Boeing and the union reached a sweetened contract offer that will be voted on Monday.
Julia Pollak, ZipRecruiter’s chief economist, said that while this report “largely” reflects the effects of the strike and storms such as Hurricanes Helene and Milton, it is not necessarily a “blip.”
“It is quite consistent with the big picture and the ongoing labor market slowdown that we’ve seen over the past two years,” she told CNBC. “The main issue in the labor market is still restricted monetary policy, not strikes and storms, and that actually is sort of a consistent narrative that we’ve seen.”
Leisure and hospitality, the leader of employment growth in the September report, and retail trade were two other key areas marred by declines. The former shrank by 4,000 jobs, while the latter shrank even more at 6,400.
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Department of Labor
**Interview with Economy Analyst Jane Doe on October Jobs Report**
**Interviewer:** Good afternoon, Jane. Thank you for joining us today. The latest jobs report indicated a modest gain of only 12,000 jobs for October, which seems significantly lower than what analysts expected. What are your first thoughts on these numbers?
**Jane Doe:** Thank you for having me. Yes, the job growth in October was indeed disappointing on the surface. However, it’s essential to consider the broader context. The 12,000 jobs added could be misleading, as other factors possibly influenced the data, like the impacts of recent hurricanes and a major strike at Boeing.
**Interviewer:** That’s a valid point. The healthcare sector seems to have performed quite well, contributing over 51,000 new jobs. How does the performance in this sector impact the overall job market?
**Jane Doe:** Absolutely. The healthcare and social assistance sectors have been robust, adding over 51,000 positions, and if we factor in private education, that jumps to 57,000. This indicates a growing need for health services and reflects an underlying stability in certain segments of the economy. Often, employment in these areas can be a bellwether for economic resilience.
**Interviewer:** Interesting. You mentioned the government sector also saw gains. Can you elaborate on that?
**Jane Doe:** Yes, the government sector added 40,000 jobs in October, which is quite close to its average monthly gain of around 43,000 over the past year. This steady job growth in government employment contributes positively to the overall economic landscape, as it can drive other sectors by maintaining public services and infrastructure.
**Interviewer:** On the other hand, were there any sectors that struggled during this period?
**Jane Doe:** Yes, while the healthcare and government sectors thrived, sectors like construction and wholesale trade faced some challenges. The mixed performance across various industries reveals that while some areas are stable or growing, others may struggle due to economic uncertainties or external factors.
**Interviewer:** Given this mixed report, what are economic experts suggesting for the upcoming months?
**Jane Doe:** Experts recommend watching the upcoming consumer spending trends and inflation rates closely. While the job growth is tepid, many believe the labor market is still holding strong overall. Factors like increasing wages in some sectors could also spur consumer confidence, potentially leading to a turnaround.
**Interviewer:** Thank you for your insights, Jane. It seems there’s more to this jobs report than meets the eye.
**Jane Doe:** Thank you for having me. It’s essential to dive deeper into the data to get a clear picture of economic health.
**Interviewer:** Absolutely. We appreciate your views today.