USA: recruitment growth failed in October – Signs of labour market weakness

They advanced at the slower rate since 2020 in October, while the unemployment rate remained low in October, a month affected by the strong hurricanes and the major strike in Boeing. Non-agricultural wages in the US increased by just 12,000 last month, while recruitments in the previous two months were weaker than previously considered, suggesting that the labour market continues to weaken. The unemployment rate was maintained at 4.1% and hourly earnings increased, according to the data from the Bureau of Labour Statistics (BLS) published today (01.11.2024). The employment report is the last important element for the US economy prior to the Federal Bank (Fed) meeting next week and the 5 November presidential election, a race where this issue is firmly at the top of voters’ interest. Other data this week showed that the economy developed at a strong rate in the third quarter, powered by fixed consumer spending, while inflation accelerated in September.