U.S. economy added just 12,000 jobs in October 2024

In October 2024, non-farm payrolls saw an increase of 12,000, a significant drop from September’s figures and falling short of the 100,000 predicted

The unemployment rate remained steady at 4.1%, meeting expectations.

The rate of job growth in October 2024 was the slowest since the end of 2020, hindered by the effects of storms in the and a considerable labour standoff (strike action), which impacted the overall employment picture.

According to the Bureau of Labor Statistics‘ Friday report, the modest increase in nonfarm payrolls for October, which was already anticipated to be subdued, marked the smallest rise since December 2020.

U.S. monthly job creation