With a highly publicized presidential election less than a week away, October’s job report came out under a great deal of scrutiny. After the Federal Reserve lowered interest rates a “jaw-dropping” half of a percent, economists and experts were wondering how this would affect the job numbers for the following month. With October bringing short strikes and long hurricane recoveries, though, reports are being called “muddy” by some economic journalists. Fewer jobs were added than in previous months, and, with the entire country watching the markets now, it will be interesting to see how the election plays a role in the numbers for November. This week, with the release of October’s Job Report and September’s Job Opening Survey, Americans will see the last bit of significant economic data before the 2024 election. For October, employers added roughly 12,000 jobs, and unemployment stayed the same at 4.1%. With everything seemingly in flux at the moment, the stock market is being cautiously optimistic for now, with only minimal increases in the NASDAQ and S&P.
According to the U.S. Bureau of Labor Statistics, in October, the U.S. economy added 12,000 new Nonfarm payroll jobs. September’s numbers saw almost no changes when re-evaluated. The number of jobs in the Transportation and Warehouse industries stayed roughly the same for October. As usual, we’ll have more on that sector below!
September's Job Opening and Turnover Survey
In September, the Job Opening and Turnover Survey showed a decrease in openings, down to 7.4 million jobs. However, job openings drastically decreased for the Healthcare and Social Assistance industry by 178,000. State and Local Government, excluding education, jobs also saw a decrease by about 79,000, losing all of their gains from the previous month.
The quit rate for September had no changes and stayed at 3.1 million, while layoffs increased to 1.8 million. These adjusted numbers for September have added to the concern around October’s jobs report, and, together, the two reports are keeping economic experts wondering what will happen after the election on November 5th.
October's Jobs Report
For the month of October, Non-farm payrolls grew by a surprisingly small amount of 12,000 jobs. This number comes in so far below anyone’s expectations that many experts were stunned first thing this morning. However, when one considers the strike at Boeing in early October and Hurricanes Helene and Milton, it is easy to see why the improvements in job numbers is so minimal. Recovery in Florida and the southern Appalachians will take time and increases in job counts in these areas should improve as recovery continues. October’s report shows unemployment rate stayed roughly the same at 4.1%. The labor force participation rate for October decreased a miniscule amount, settling at 62.6%.
Last month, October 2024, the Healthcare industry, which has been steadily adding small numbers of jobs every month for the past year, added another 52,000 jobs. In Government, new jobs came in with another gain of 40,000, but there was a sizeable decrease in Manufacturing (-46,000). The Transportation and Warehousing industries have not been making great increases or decreases. While some experts have been expecting growth in this industry due to many believing that the Great Freight Recession is coming to an end and the upcoming holiday retail season, it was a surprise to see this industry so static. Hopefully, as we get closer to the holiday season, there will be some growth in this sector in the next month.
Conclusion
The October Jobs Report and the September Job Opening and Turnover Survey came out today, surprising many experts with the minimal growth it showed. With a presidential election only a few days away, this report offers no comfort to either side. This year’s contest for president is being watched by news organizations and economies across the world and it will be interesting to see how the outcome affects the jobs report for November. Stay tuned to the LZ Blog and our Lionzone social media!
Are you still looking for the right employees for your company? Finding the right candidates may seem daunting, but, with the right recruitment marketing team on your side, you can be successful! Employer Branding, Recruitment Marketing, and Employee Retention can all be handled by the experts at LZRecruit! Do you need assistance meeting your retention goals? Contact the LZRecruit Network today! Lower your Cost Per Lead and Time to Hire. We offer 100% direct leads. For more information on the LZRecruit Network, contact us at 615-928-2540, or check us out at LZRecruit.com.
__________________________________________________________________________
Meaghan Goldberg covers recruitment and digital marketing for Lionzone. A Patterson, GA native, after graduating from both Valdosta State University and Middle Tennessee State University, Meaghan joined Lionzone in 2018 as a digital recruitment strategist before becoming the social media manager.
Resources:
