US hiring slowest since late 2020, hit by hurricanes and strikes

WASHINGTON - US job growth slowed drastically in October, hit temporarily by hurricanes and labor strikes, in a final major economic snapshot at the end of a razor-edge presidential election campaign where cost-of-living worries dominated voter concerns.

The world's biggest economy added 12,000 jobs in October, far below expectations and down from a revised 223,000 in September, said the Department of Labour. In a more positive sign, the unemployment rate was unchanged at 4.1 percent.

The data on hiring and unemployment will be scrutinized by the teams of both presidential candidates - Democrat Kamala Harris and Republican Donald Trump - but employment numbers would have been higher if not for devastating hurricanes and worker strikes.

Unusually weak hiring numbers threaten to affect how Americans view the jobs market, some analysts warned.

The collective impact of hurricanes Helene and Milton, alongside work stoppages by Boeing workers and others, could cut job growth by up to 100,000 positions, Council of Economic Advisers chairman Jared Bernstein said this week.

But the latest figure was still markedly below a market consensus estimate of 120,000.

This is the slowest rate of hiring since late 2020, and the lowest pace since President Joe Biden took office.

Average hourly earnings rose 0.4 percent from September, slightly above expectations.