The U.S. added 12,000 jobs and the jobless rate stayed flat at 4.1 percent in October, according to data released Friday by the Labor Department, upending a string of strong economic data leading into Election Day.
Economists were bracing for a sharp drop in job gains in October thanks to several large strikes — including the ongoing walkout of more than 30,000 Boeing machinists — and the impacts of Hurricanes Helene and Milton.
The sharp decline in job gains was caused in part by “severe damage” from the hurricanes and their timing, the Bureau of Labor Statistics (BLS) said Friday.
Hurricane Helene made landfall shortly before BLS began surveying households and businesses for the jobs report, and Hurricane Milton hit Florida amid the survey period.
BLS said it was unable to calculate how many jobs the hurricanes and strikes took away from total October jobs gains. But the report still came in well below the expectations of forecasters, who projected the U.S. to add roughly 115,000 jobs.
The new jobs data comes with less than a week until Election Day and after millions of Americans have already cast their ballots.
Vice President Harris and former President Trump appear to be locked in a tight race for the White House, with polls showing no clear favorite to succeed President Biden.
The economy has ranked among the top issues for voters since the beginning of Biden’s term, which brought both a rapid recovery from the COVID-19 recession and high inflation.
Harris has sought to highlight the record-breaking bounce back from the recession during the Biden administration, along with the economy’s strength in the face of constant recession fears.
Trump, however, has maintained a steady lead over Harris among voters when it comes to who is trusted more to handle the economy. He and GOP lawmakers have sought to blame Biden and Harris for rapid inflation seen earlier in his term, though price increases have since dropped back toward historic norms.
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