The U.S. added just 12,000 jobs in October marking the largest hiring slowdown of the Biden administration, likely a reflection of a pair of natural disasters that affected the Southeastern U.S., according to new data from the Bureau of Labor Statistics.
Despite the hiring slowdown, there was no change in the U.S. unemployment rate in October. The unemployment rate remained at 4.1%.
The job report reflects some of the changes in employment amid a pair of hurricanes that struck the southeastern U.S. Many workers were temporarily forced to leave their jobs in the Southeast as Hurricanes Helene and Milton left extensive damage.
The new data comes a month after the U.S. posted a surprisingly strong jobs report for the month of September, that showed the economy added 255,000 jobs.
The unemployment rate has ticked down to 4.1% in September and October after hitting 4.3% in July, the highest it had been since October 2021. In historical terms, a 4.1% unemployment rate is low, but it comes after a period of near-record-low unemployment. The unemployment rate bottomed at 3.4% in 2023.
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The U.S. has had a solid year of job gains. In the last decade, the U.S. averaged about 166,000 new jobs per month. In the last 12 months, the U.S. has averaged over 190,000 new jobs per month, bringing the total number of U.S. non-farm jobs to over 159 million.
Average hourly wages increased 13 cents in October to $35.46. Workers are making an average of $1.36 an hour more than a year ago. Average weekly wages were $1,216 in October, up from $1,169 a year ago. The 4% increase in wages is outpacing inflation. As of September, the consumer price index was up 2.4% compared to a year earlier.
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