October Jobs Report: U.S. Adds 12,000 Jobs

In October 2024, the U.S. labor market saw minimal growth, adding only 12,000 jobs—a sharp decline from the 223,000 jobs added in September. This slowdown suggests a pause in labor market growth, potentially influenced by strikes, the November Presidential election, and other economic factors.

The unemployment rate remained steady at 4.1%, unchanged from September, indicating ongoing stabilization despite limited job growth.

Is the U.S. Job Market Growing?

October’s minimal job gains highlight the labor market’s struggle to maintain momentum. While sectors like healthcare and government continued to add jobs, temporary help services and manufacturing saw declines. Notably, manufacturing employment suffered due to strike activity, indicating the broader impacts of labor disputes on job growth.

The muted overall job growth may signal further cooling, with employment gains concentrated in a few sectors while others show little to no change.

U.S. Unemployment Rates by Group

• Adult women: 3.6% (unchanged)
• Adult men: 3.9% (up from 3.7%)
• Teenagers: 13.8% (down from 14.3%)
• Whites: 3.8% (up from 3.6%)
• Blacks: 5.7% (unchanged)
• Asians: 3.9% (down from 4.1%)
• Hispanics: 5.1% (unchanged)

Key Employment Statistics for October 2024

• The number of long-term unemployed (jobless for 27 weeks or more) held steady at 1.6 million, representing 22.9% of the unemployed, a slight decrease from September’s 23.7%.
• Part-time employment for economic reasons remained stable at 4.6 million, unchanged from the previous month.
• Average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents to $35.46, marking a year-over-year increase of 4.0%.

Sectors with Notable Job Trends in October

Healthcare

The healthcare sector added 52,000 jobs, with notable growth in ambulatory health care services (+36,000) and nursing and residential care facilities (+9,000), maintaining its strength even as other industries slowed.

Government

The government sector added 40,000 jobs, consistent with the monthly average over the past year, with state government contributing 18,000 new positions.

Construction

The construction sector added a modest 8,000 jobs, below its 12-month average, though nonresidential specialty trade contractors saw an increase of 14,000 jobs.

Temporary Help Services

Temporary help services saw a significant drop, with 49,000 jobs lost in October. This decline continues a broader downward trend in temporary positions since March 2022.

Manufacturing

The manufacturing sector lost 46,000 jobs, largely due to strike activity, with transportation equipment manufacturing experiencing a loss of 44,000 positions.

October Jobs Report Summary

October’s jobs report underscores a significant slowdown in job growth, with only modest gains in healthcare and government offset by notable declines in temporary help services and manufacturing.

The stability in the unemployment rate suggests the labor market may be stabilizing, but the sharp decline in new job additions raises concerns over sustained growth as we move into the year’s final months.