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October [surprise] jobs report shows slowest growth in 4 years in shock data days before presidential election - and foreign workers gain while Americans lose
[Daily Mail, where America gets its news] The US economy has been dealt an 'October surprise' less than a week before the presidential election. Job creation last month slowed to its weakest pace since December 2020, a shock jobs report revealed Friday. Employers added an estimated 12,000 jobs in October, missing estimates of a 100,000-job gain by a huge margin, and sparking fears of underlying weakness in the economy. A so-called 'October surprise' refers to an event which could influence the outcome of an upcoming November election. Although Vice President Kamala Harris and former president Donald Trump appear to be neck-and-neck, the economy is at the forefront of voters' minds. The weak jobs number for October 'casts a murky shadow heading into next week,' Lisa Sturtevant, chief economist at Bright MLS, said. The ongoing Boeing strike and the devastating impact of hurricanes Helene and Milton had an impact on the figures, the Bureau of Labor Statistics said. The unemployment rate stayed steady at 4.1 percent, however, in line with economists expectations.
Posted by: Skidmark 2024-11-02 |
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