the staff of the Ridgewood blog
Ridgewood NJ, in a turn that has economists and voters taking notice, the Bureau of Labor Statistics reported on Friday that the U.S. added only 12,000 nonfarm payroll jobs in October, marking the slowest monthly growth since December 2020. This comes as a sharp contrast to September’s 223,000 jobs added, indicating an unexpected slowdown in hiring.
As the last major economic report before Election Day, these figures carry particular weight. The disappointing job numbers are partly attributed to the unusual impact of hurricanes Helene and Milton, which disrupted businesses across multiple states, and the recent wave of national strikes affecting several industries. However, a deeper worry lies in the significant downward revisions to previous months’ job figures: August’s job growth, initially estimated at +142,000, was revised to just +78,000—the weakest job growth reading in nearly three years.
For much of the past six years, excluding the pandemic period, the U.S. job market has been favorable for job seekers, with more openings than available workers. But recent JOLTS data reveals that the ratio of job openings to job seekers is narrowing as hiring slows.
With the 2024 election around the corner, this latest report adds a layer of complexity to an already dynamic economic landscape. It raises questions about the sustainability of recent growth trends and may influence the economic policies under discussion as voters head to the polls.
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