U.S. Job Market Slows in October Amid Strikes and Hurricanes
The U.S. economy added only 12,000 jobs in October, largely affected by a Boeing strike and two recent hurricanes, while the unemployment rate remained steady at 4.1%. This lower-than-expected growth, just before the election, reflects a cooling job market following strong performance in prior months. Trump criticized the report as an economic failure, while President Biden pointed to temporary disruptions, stressing that 16 million jobs have been added during his term. Economists believe that despite challenges, the economy could be heading for a “soft landing” as inflation eases and job stability continues.
The U.S. has seen inflation fall to a three-year low, providing optimism, though polling shows mixed feelings among Americans about the economy. Meanwhile, both parties are using the economic report to sway voters, with Trump describing the economy negatively, while Biden urges voters to consider long-term improvements and resilience in the job market. The October report marks a critical point as the country balances economic pressures with gradual recovery from recent disruptions.