The private sector hemorrhaged jobs in October while the federal government expanded its workforce to even bigger levels, according to data from the Bureau of Labor Statistics (BLS) released Friday.
The U.S. economy lost 28,000 private sector jobs while the federal government added 40,000, BLS data shows. The private sector job losses come amid a disappointing jobs report overall, with the country adding just 12,000 nonfarm payroll jobs — well below the 110,o00 economists expected.
The October jobs report also saw employment gains in August and September be revised down by 81,000 and 31,000, respectively, bringing the number of jobs added for the months to 78,000 and 223,000, according to the BLS. Meanwhile, unemployment has risen substantially since April 2023 from 3.4% to 4.1%, with the increase prompting the Federal Reserve to cut the federal funds target range by 0.5%.
Surprise, surprise…
August jobs revised: 159K
78K (-81k)
Sept jobs revised: 254KEvery. Single. Month. pic.twitter.com/72hlFQQKpj
— Geiger Capital (@Geiger_Capital) November 1, 2024
The economy was dogged by strikes in the third quarter of 2024, with tens of thousands of dock workers and Boeing airplane machinists ceasing work. Hurricanes Helene and Milton also could have reduced job growth by roughly 50,000, according to the Economic Policy Institute.
The Nov. 5 presidential election looms, with the economy representing one of the top issues for voters. A Gallup poll published on Oct. 9 found 52% of voters consider candidates’ positions on the issue “extremely important.”
Relatedly, the disappointing employment gains under the Biden-Harris administration could worsen Vice President Kamala Harris’ already weak standing with voters on the economy, as 54% of registered voters trust Trump to deal with the economy while just 45% trust Harris, according to the October Gallup poll. Inflation rose from 1.4% when President Joe Biden took office in January 2021 to approximately 9% in June 2022, and now sits at 2.4%.
U.S. economic growth in the third quarter of 2024 was weaker than expected, growing 2.8% — 0.2% below economist expectations.
(Featured Image Media Credit: Screen Capture/Smithsonian Channel)
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