US job growth slows sharply in October, unemployment rate steady at 4.1%

Job creation in the US economy slowed sharply in October, reflecting a cooling labor market in the world's largest economy amid the effects of previous monetary tightening and recent hurricanes.
 

According to the monthly jobs report released by the Department of Labor on Friday, the U.S. economy added only 12,000 new jobs in October, down from 223,000 in a revised September figure (previously reported as 254,000).
 

This falls short of the 100,000-job increase expected by Dow Jones estimates. The unemployment rate remained unchanged at 4.1%, while the average hourly wage rose by 0.4%, or 13 cents, to $35.46.
 

The number of unemployed in the U.S. reached 7 million in October, compared to 6.4 million and a 3.8% unemployment rate in the same month last year.
 

The sectors that added the most jobs last month were healthcare (+52,000) and government (+40,000), while temporary help services lost 49,000 jobs, and manufacturing lost 46,000.
 

These data contrast with the ADP report released last Wednesday, which showed the U.S. private sector added 233,000 jobs in October after a revised 159,000 in September.
 

Separate data also indicated a drop in initial jobless claims, which fell by 12,000 to 216,000 for the week ending Oct. 26, reaching the lowest level since May.