The report from the Bureau of Labor Statistics (BLS) revealed a slowdown in job creation in the United States during October, with only 12,000 net jobs generated, a significant decrease of 211,000 compared to the previous month. This situation is attributed to hurricanes and strikes that have recently affected the country, marking a blow to the economy four days before the presidential elections. Despite this, the unemployment rate remained at 4.1%, a figure still considered low by experts.
In light of this information, former President Donald Trump's campaign reacted, blaming Kamala Harris for the economic situation, claiming that her policies have resulted in the loss of thousands of jobs in both the private and manufacturing sectors. On the other hand, current President Joe Biden justified the negative data by mentioning the response to the hurricanes and pointing out that a recovery is expected in November as reconstruction efforts continue.
During October, although there was an increase in the health and government sectors, the manufacturing industry suffered a loss of 46,000 jobs, primarily due to a strike at Boeing. Despite these challenges, Biden emphasized that he has been able to create 16 million jobs during his tenure, highlighting the strength of the labor market as one of his main achievements.
The economic data, crucial ahead of the presidential elections, reflect a decrease in job creation compared to previous months. Despite the drop in the unemployment rate, sectors such as manufacturing have been affected, leading to a decline in employment due to union activities. The Federal Reserve has begun a cycle of interest rate cuts in an attempt to stimulate the economy, while the economic agenda remains a central theme in the electoral contest.
