Final Labor Report Before Election Finds Employment Rate Remains Unchanged

Nonfarm payroll employment grew by 12,000 in October, essentially remaining unchanged.

The unemployment rate also remained steady at 4.1 percent with 7 million people looking for work.

The U.S. Bureau of Labor Statistics released its October jobs report on Friday morning.

Employment continued to trend up in health care and government. The healthcare industry added 52,000 jobs. The government added 40,000 jobs.

Temporary help services lost 49,000 jobs. Temporary help services employment has decreased by 577,000 since reaching a peak in March 2022.

Employment declined in manufacturing due to strike activity, notably a strike by Boeing workers. Manufacturing employment decreased by 46,000 in October.

October data from the household and establishment surveys are the first collected since Hurricanes Helene and Milton struck the United States. The storms caused about half a million people to lose work.

In October, average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents, or 0.4 percent, to $35.46. Over the past 12 months, average hourly earnings have increased by 4.0 percent.