By Tom Burnett CFA
On November 1, 2024, the Bureau of Labor Statistics issued its Employment Report for October. Job totals rose by just 12,000, well below the prior 12-month average monthly increase of 194,000. Two factors were responsible for the small increase—the recent hurricanes in the Southeast and the Machinists Union strike at Boeing. The unemployment rate remained unchanged from the previous month at 4.1% with 7.0 million unemployed job seekers. One year ago, the rate was 3.8% with 6.4 million job seekers.
Manufacturing employment fell by 46,000 from September, primarily a function of the strike at Boeing.
Average hourly earnings for payroll workers rose $0.13 to $35.46, up 4.0% from one year ago.
Revisions to previous monthly reports totaled a reduction 112,000 jobs.
The next Employment Report will be issued on December 6, 2024.
Tom Burnett CFA is Director of Research