The US economy added just 12,000 jobs in October (yes, you read that correctly at 12,000 and not 120,000). That is far below the forecasts of 100,000 which had taken hurricane disruptions and the Boeing strike into account. It is the smallest gain since December 2020.
In detail:
Health care and government again led job creation: adding 52,000 and 40,000 positions respectively and as you may know from our previous explanations on these figures these (especially government jobs) are not the source of strength in an economy.
Several sectors saw job losses (and as you will know from our posts on the economy we have been warning our clients about this). Manufacturing lost 46,000 (as we suggested) and Professional - Business Services lost even more at 47,000. The stress in these areas continues from our last analysis on these sectors.
In addition to the pullback in manufacturing, temporary help services saw a drop of 49,000. Temporary help services are a ...
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