U.S. employers added just 12,000 jobs last month as hurricanes and strikes sharply cut wages.

WASHINGTON — U.S. employers added just 12,000 jobs in October. consequences of strikes and hurricanes as a result, many workers were temporarily left without wages. The report provides a somewhat blurry picture of the labor market at the end of a presidential race that was largely dependent on voter sentiment. attitude to economics.

Hiring gains last month were down significantly from the 223,000 jobs added in September. But economists have calculated that hurricanes Helen and Milton, combined with impacts on Boeing and other businesses, had an effect curbing net job growth by tens of thousands of jobs in October.

Friday’s Labor Department report also showed the unemployment rate remained at 4.1% last month. The low unemployment rate suggests the labor market is still generally healthy, although not as strong as it was earlier this year. Combined with an inflation rate that has fallen from its 2022 peak to level close to pre-pandemic levelsThe economy as a whole appears to be on solid footing ahead of Election Day.

The government did not estimate how many jobs were likely temporarily removed from payrolls last month. But economists said they believed the hurricanes and strikes had led to up to 100,000 job losses. Reflecting the impact of the strikes, factories cut 46,000 positions in October.

However, in a warning sign for future hiring, temporary work firms lost 49,000 jobs last month. Companies often hire temporary workers before hiring full-time employees. On the other hand, healthcare companies added 52,000 jobs in October, and state and local governments added 39,000.

The October jobs report also lowered the government’s estimate of job growth in August and September by 112,000, indicating the labor market was not as strong as originally thought.

“The large one-time shocks that hit the economy in October make it difficult to know whether the labor market changed direction this month,” Bill Adams, chief economist at Comerica Bank, wrote in a commentary. “However, downward revisions to the rate of job growth through September show that there was a cooling before these shocks occurred.”

Still, economists say the United States has the world’s strongest economy, which has proven remarkably resilient despite the pressures of high interest rates. This week, for example, the government estimated that the economy had grown rapidly. healthy annual rate of 2.8% last quarter, with consumer spending boosting the economy.

However, as voters choose between former President Donald Trump and Vice President Kamala Harris, a large number of Americans said they unhappy with the state of the economy. Despite the sharp fall in inflation, many people are chafing at high prices, which have risen sharply during the recovery from the pandemic recession and remain on average about 20% higher than they were before inflation began accelerating in early 2021.

With inflation down significantly, the Fed is set to cut its benchmark interest rate next week for a second time and likely again in December. The Fed’s 11 rate hikes in 2022 and 2023 helped slow inflation without plunging the economy into recession. The Fed’s series of rate cuts should lead to lower borrowing rates for consumers and businesses over time.

Meanwhile, the labor market showed signs of slowing growth. This week, the Department of Labor reported that employers have published 7.4 million vacancies in September. While this is still more than employers reported ahead of the 2020 pandemic, it is the lowest number of vacancies since January 2021.

And 3.1 million Americans quit your job in September, the smallest number in more than four years. A decline in layoffs typically indicates that more workers are losing confidence in their ability to find better jobs elsewhere.

Even though the unemployment rate and the number of people seeking unemployment assistance each week remain unusually low, Americans as a whole continue to enjoy unusual job security.

“The cooling in the labor market is still ongoing,” said Sarah House, senior economist at Wells Fargo. “In general, the labor market is not falling apart, but it is too early to say that conditions have stabilized.”

For employers, the softer labor market is easing labor shortages that have left many of them struggling to find and retain workers over the past few years.

John Abt, co-president of Abt Electronics in Chicago, said hiring has become somewhat easier and his company has felt less pressure to raise wages this year. However, finding qualified installers and maintenance technicians remains a challenge.

The electronics retailer, which employs 1,750 people, including 200 part-time employees, operates its own training program, partners with vocational schools to find workers, and also accepts job candidates. If the job market continues to deteriorate, Abt said, “it will be easier to find the good people we are looking for.”

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AP Retail Writer Anne D’Innocenzio in New York contributed to this report.