Pitiful Jobs Report is a Disaster In Final Campaign Stretch
Voters are already feeling nervous about the economy as Election Day arrives.
“U.S. economy added just 12,000 jobs in October, impacted by hurricanes, Boeing strike,” wrote Jeff Cox for CNBC on November 1, 2024.
It was a disaster for Vice President Kamala Harris's campaign, already floundering in the final stretch of the campaign.
“Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000,” revealed Mr. Cox for CNBC. “The unemployment rate held at 4.1%, in line with expectations. The BLS noted that the Boeing strike likely subtracted 44,000 jobs in the manufacturing sector, while hurricanes also likely held back the total. Revisions lowered previously reported job creation totals by 112,000 for August and September combined.”
Worse still, perhaps, is that the latest jobs report disappointments and downward revisions come of the heels of a similar spate of revelations in 2023.
Recent revisions by the U.S. Bureau of Labor Statistics (BLS) reveal that 2023 job growth was significantly overstated, with 439,000 jobs cut from initial estimates. An August adjustment reduced job counts by 306,000 through March, with further reductions later in the year.