U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike

Job creation in October slowed significantly, with nonfarm payrolls only increasing by 12,000, the smallest gain since late 2020. The unemployment rate remained at 4.1%, but a broader measure including discouraged workers remained at 7.7%. The impact of storms and a labor impasse, including a strike at Boeing, contributed to the weak numbers. Despite the disappointing report, markets seemed unfazed, with stock futures looking strong. Economists expect the Federal Reserve to cut interest rates in response to the lackluster job growth. The report also included downward revisions for previous months and showed declines in sectors like manufacturing, temporary help services, leisure and hospitality, retail trade, and transportation. The Federal Reserve has already lowered interest rates due to concerns about the labor market and potential economic slowdown.