The figure came in a month that included a strike and hurricanes. The unemployment rate held steady at 4.1 percent.
In the final comprehensive snapshot of the national labor market heading into next week’s presidential election, the economy added a much smaller-than-expected number of jobs in October.
Last month, there were just 12,000 new jobs, below the consensus estimate of 113,000. This represented the smallest monthly employment gain since December 2020.
According to the Bureau of Labor Statistics (BLS), the unemployment rate was unchanged at 4.1 percent.
The White House noted this week that the October jobs report would be affected by devastating hurricanes Helene and Milton and labor action.
BLS officials say that the household survey, which removes duplication, was conducted according to standard procedures and that response rates were normal. Completing the establishment survey, which gathers employment, hours, and earnings data from companies and governments, was the challenge.
“The initial establishment survey collection rate for October was well below average,” the BLS said in a statement. “However, collection rates were similar in storm-affected areas and unaffected areas. A larger influence on the October collection rate for establishment data was the timing and length of the collection period.”
The period lasted just 10 days last month and was finished several days before the month’s end.
The household survey showed 368,000 lost jobs.
Most of last month’s employment gains were centered in health care (52,000) and government (40,000). The construction sector also added 8,000 new positions.
Manufacturing payrolls fell by 46,000, “reflecting a decline of 44,000 in transportation equipment manufacturing that was largely due to strike activity,” the BLS noted. Professional and business services employment also declined by 49,000.
Employment levels for various industries, such as retail, leisure and hospitality, and financial activities, were little changed.
Average hourly earnings rose by 0.4 percent from a downwardly adjusted 0.3 percent in September.
The labor force participation rate edged down to 62.6 percent from 62.7 percent. Average weekly hours were unchanged at 34.3.
By Andrew Moran
