This is the worst figure since 2020 and comes at a bad time for the vice president and Democratic candidate for the US presidential elections on November 5, Kamala Harris. The United States only created 12,000 jobs in October, while unemployment reached 7 million Americans, with an unemployment rate of 4.1% (the Wall Street Journal Note that it actually happened from 4.05% to 4.14% between September and October). This figure, lower than analysts’ expectations, is explained in particular by the two hurricanes, Helene and Milton, which devastated Florida and North Carolina, as well as by the Boeing strike since September 13, which caused numerous layoffs in the aircraft manufacturer. and its subcontractors.
Thus, employment in the transportation manufacturing industry was reduced by 44,000 jobs, “largely because of the strike”writes the Bureau of Labor Statistics. Without the 40,000 jobs created in the public sector, this figure would have been negative, something Republicans immediately noted four days before the presidential election. Job creation for August and September was revised downward, falling to 78,000 (vs. 254,000 announced) and 223,000 (vs. 254,000 announced).
This figure of 12,000 new jobs, which confirms the landing of the economy, should confirm the Fed, the American central bank, in its intention to lower its official rates by a quarter of a point, on Wednesday, November 6, after a half point reduction. point in September that took them up to 4.75%. The Monetary Policy Committee meeting is held at a particularly acrobatic time: the day (Tuesday, November 5) and the day after (Wednesday, November 6) of the presidential elections. To ensure its political neutrality, the bank should stick to plan, regardless of Wednesday’s political and financial unrest. Wall Street rose on Friday the 1stAhem November, but the market was boosted by the good results of Amazon.
If the economy is doing well, with annual growth of 2.8%, according to figures released on Wednesday, October 30, the Biden-Harris administration’s tenure has been marred by the resurgence of inflation. Overall, since the arrival of the Democrats to the White House, prices have increased by 20%. Inflation, which fell to 2.4% in September, hit a record 9.1% in June 2022, causing Americans’ purchasing power to fall.
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