US labor market under threat due to hurricanes and strikes ahead of elections

The US labor market is reported to have slowed in October amid hurricanes and aerospace strikes.

However, the unemployment rate should ensure that the labor market remains strong ahead of Tuesday’s election.

On the other hand, the deadly Hurricane Helen devastated the Southeast in September, and a week later Hurricane Milton hit Florida, devastating the job market.

According to ReutersThe Labor Department’s jobs report, which will be released today, November 1, 2024, is important because it will be the last big economic update before the election.

Even though the U.S. economy is doing well compared to other countries, many Americans are still unhappy with food and rent prices. Meanwhile, a positive sign is the low layoff rate, highlighting the strength of the labor market.

Indeed Hiring Lab economist Corey Stahl said, “The job market is still relatively strong and there’s still plenty of opportunity.”

“But clearly things have cooled and people’s experience in the labor market will depend to some extent on what type of work they are looking for.” He expressed himself.

In addition, nonfarm payrolls are expected to grow by 113,000 jobs in October, up from 254,000 in September, which could mark the smallest job gain in recent months.

Notably, the Labor Department reported last week that 41,000 new workers went on strike, along with 33,000 mechanics at Boeing and 5,000 at aircraft company Textron.

This information was collected through an employee survey for the October employment report.