Ahead of the 2024 presidential election, the latest U.S. jobs report reveals a deteriorating economic situation. October’s employment gains were limited, with only 12,000 jobs added despite projections of an additional 112,000. This is a sharp decline from September’s increase of 223,000. A revision to August’s numbers shows only 78,000 jobs now having been added compared to the initial 142,000 reported.
Officials in the Biden-Harris government are trying to dismiss the dismal jobs report, blaming hurricanes and a Boeing labor strike. Concerningly, 46,000 manufacturing jobs were lost last month—suggesting a weakening in U.S. industrial sectors. If not for government employment, October would have marked the first negative payroll numbers since December 2020.
Holy $#!+
Jobs DECLINED by 100k in Oct before factoring in Aug and Sep downward revisions – Aug now shows only 78k jobs added while Sep shows just 223k; this is bad… pic.twitter.com/iUIGduKUo6— E.J. Antoni, Ph.D. (@RealEJAntoni) November 1, 2024
Employment in the film and sound recording industries increased by 2,600 to 448,000 positions following previous losses. In contrast, the broadcasting and content creation sectors saw a decrease, shedding 3,300.
The overall labor market data contrasts with earlier optimistic economic signals. Earlier reports pointed to a 2.8 percent GDP growth over the year and a continued drop in inflation rates. Notable advances in employment were seen in the healthcare and government sectors, whereas temporary business support and professional services faced declines.
In August, a benchmark employment revision revealed that employment gains for the year had been vastly overestimated, by nearly one million jobs. The continued lack of positive movement in the labor market means a second Federal Reserve interest rate cut is increasingly likely before the end of the year.
During the 2020 election, the corporate media piled on the Trump White House after the labor report showed the economy adding 661,000 jobs.