The U.S. economy missed estimates and added just 150,000 jobs in October according to the latest report from the Bureau of Labor Statistics released Friday morning. The unemployment rate increased to 3.9 percent — the highest monthly read since the January 2022 rate of 4.0 percent.
Payroll employment rises by 150,000 in October; unemployment rate changes little at 3.9% https://t.co/ZwrVfLviqL #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) November 3, 2023
The Bureau of Labor Statistics revised its two previous reports, stating that there were 62,000 fewer jobs added than reported in August and 39,000 fewer jobs added than were reported in September — a total downward revision of 101,000 jobs.
October's jobs report showed that the number of unemployed Americans has increased by 849,000 since April of 2023, while the number of "underemployed" people continued to increase and the labor force participation rate decreased.
In more bad news for "Bidenomics," the private sector added significantly fewer jobs than were expected, more manufacturing jobs were lost than anticipated, and the average number of hours worked per week decreased.
CNBC: The underemployment rate "continues to move up" while labor force participation is "going in the wrong direction."
— RNC Research (@RNCResearch) November 3, 2023
That's Bidenomics! pic.twitter.com/VrBqdUTGEt
Alfredo Ortiz, the president and CEO of Job Creators Network, noted that Friday's report shows that "cracks in the labor market continue to emerge."
"Job growth came in below expectations and well below the recent average," Ortiz highlighted. "Job creation continues to disproportionately occur in unproductive government jobs, which made up over one-third of new jobs last month. And real wages declined last month, making Americans poorer," he added. "This poor jobs report is just another gathering economic storm cloud under President Biden as a result of his poor economic leadership."