In a striking economic downturn, the U.S. recorded a minimal job growth of just 12,000 positions in October 2024.
October's job figures marked the lowest monthly increase since the close of 2020, falling well short of economic forecasts, according to the Daily Wire.
As revealed by the jobs report on Friday, expectations for a 100,000 job increase fell drastically as actual figures confirmed only 12,000 new jobs, indicating significant economic slowing.
This was the smallest rise since December 2020, a period marked by similar economic challenges.The Bureau of Labor Statistics (BLS) adjusted previous estimates for August and September downward, finding an overestimation of 112,000 jobs, which compounded the grim economic outlook for the latter part of the year.
Particularly hard-hit were the temporary help services, which saw a decline of 49,000 jobs in October alone, culminating in a staggering 577,000 job losses since March 2022. This sector's plummet is reflective of broader economic tremors.
Manufacturing also faced steep declines, with a reduction of 46,000 jobs in the same period. Strikes, particularly a major one at Boeing, were primarily responsible for the downturn in transportation equipment manufacturing, which lost 44,000 jobs.
These job losses were further exacerbated by severe weather events, including Hurricanes Helene and Milton, which disrupted normal business operations and contributed significantly to the dismal job growth figures.
Amidst the widespread job cuts, some sectors managed slight gains. Healthcare and government roles saw an uptick in employment, providing a silver lining against the otherwise dark economic clouds.
However, the overall employment landscape remains troubling, with the national unemployment rate climbing to 4.1% in October—up from 3.8% the previous year, now reflecting 7 million unemployed Americans.
These shifts in the job market paint a picture of an economy struggling to regain its footing amidst ongoing challenges both domestic and natural.
The job report has not gone without significant political commentary. Karoline Leavitt, Trump campaign national press secretary, described the report as a "catastrophe," directly attributing the economic downturn to Vice President Kamala Harris's policies.
"This jobs report is a catastrophe and definitively reveals how badly Kamala Harris broke our economy," said Leavitt. She blamed the current administration for the loss of nearly 30,000 private sector jobs and nearly 50,000 in manufacturing.
Similarly, the Trump War Room and senior advisor Jason Miller took to social media platforms to voice their stark criticisms, emphasizing the shortfall in job creation and the impact on American workers.
As the final job report before the upcoming election, October's figures will likely play a significant role in shaping voter opinions. The apparent economic stagnation presents a crucial battleground for political debate and public concern.
