United States: Job gains slow in October, likely on temporary factors
Latest reading: Total non-farm payrolls grew by just 12,000 in October, down from 223,000 in September, undershooting market expectations and marking a multi-year low. That said, the reading was likely depressed by hurricanes and strikes at aircraft manufacturer Boeing. The unemployment rate was stable at 4.1% in October.
October’s data is unlikely to herald the start of a sharp slowdown in the U.S. economy; our panelists predict ongoing robust GDP growth in Q4 and next year.