📉 October Jobs Report Shock 💼

The latest US jobs report is disappointing. The Establishment Survey shows the US added just 12,000 jobs in October, far below the forecast of +100,000 and down from +223,000 in September. Private payrolls fell by 28,000, missing the expected +70,000 and down from +192,000 in September.

The Household Survey is even worse, with a drop of 368,000 employed people from September to October. Despite this, the unemployment rate stayed at 4.1%, as the labor force participation rate fell to 62.6%.

The Bureau of Labor Statistics noted that hurricane activity might have affected the October jobs report but couldn’t quantify the impact. The Federal Reserve is expected to cut interest rates by 25 basis points on November 7th, with another cut likely in December. 📉📊

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