This BLS survey collection, conducted a month before the 2024 presidential election, shows that the job growth contrasts with the 223,000 jobs added in September and far below forecasts of 112,500 new jobs. This marks the lowest monthly job growth since December 2020, when the pandemic deeply impacted the workforce. (Related: HEAD IN THE SAND: Biden's Labor Statistics claims job growth is strong despite economic indicators pointing to coming financial meltdown.)
BLS officials admitted that hurricanes Helene and Milton, along with the Boeing labor strike in key sectors, created distortions in data collection and reporting. In turn, data collection had been shortened to 10 days, six fewer than usual, which hindered their ability to fully assess job trends in weather-impacted regions, dampening growth.
"Friday's net gain was a reflection of temporary shocks to the U.S. labor market, with this snapshot bearing the impacts and ripple effects of two major deadly hurricanes and large labor strikes," Elizabeth Renter, a senior economist at NerdWallet wrote in a commentary issued on Nov. 1. "Between storms, labor strikes and data collection issues, the labor market numbers we're seeing today should be taken with a grain of salt. Even though they came in lower than anticipated with that in mind, the news doesn't warrant panic about overall economic health."
Moreover, BLS data indicated stark declines in sectors heavily affected by recent strikes.
Manufacturing jobs fell by 46,000, primarily due to strikes at Boeing and Textron Aviation. The leisure and hospitality sector, which has been a growth driver in recent years, lost 4,000 jobs as Florida's tourism-dependent economy felt the impacts of Helene and Milton.
Biden claims job creation is on the rise during his term
Despite the disappointing headline figures, Lydia Boussour, a senior economist at EY-Parthenon, remains in denial.
"In our view, we're still on track for a more cautious [quarter-point] rate cut at next week’s policy meeting," Boussour said in an interview. "We think that Fed officials will be inclined to look through some of that noise in the October jobs report and they will rely on all the labor market data that we’ve been getting, which is pointing to an environment where we have cooler labor market dynamics and ongoing wage growth disinflation."
Boussour even noted that as of October, the U.S. has averaged 170,000 new jobs per month, including a modest 12,000-job increase. With job growth and wages expected to slow further, this trend could contribute to slightly slower economic growth by mid-next year. "We're looking at all these indicators to get a sense of whether we see a more dramatic downshift in labor market conditions. But our view is that essentially what you're likely to see in the coming months is job growth settling somewhere below trend."
Meanwhile, President Joe Biden claimed that job creation is on the rise during his term.
"America's economy remains strong, with 16 million jobs created since I took office, including an average 180,000 jobs created each month over the last year – more than the year before the pandemic. We have the lowest average unemployment rate of any administration in 50 years, our economy has grown more than any presidential term this century, incomes are up $4,000 over prices, and inflation has fallen nearly to its two percent target," his press release read.
Check out EconomicRiot.com to read more about economic indicators pointing to the impending economic catastrophe.
Revised jobs report shows Biden-Harris didn't create all the jobs they say they did. Watch this video.
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