A dismal jobs report released Friday showed that just 12,000 jobs were added to the U.S. economy in October, much lower than the 100,000 analysts expected.
The report from the Bureau of Labor Statistics also noted a downward revision for August and September, saying it had overestimated growth by around 112,000 jobs. CNBC reported that the 12,000 jobs added in October was the fewest since December 2020.
“Within professional and business services, employment in temporary help services declined by 49,000 in October. Temporary help services employment has decreased by 577,000 since reaching a peak in March 2022,” the bureau found. “Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing that was largely due to strike activity.”
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