Latest Global Economy: US Job Growth Plummets Ahead of Elections, Fed Meeting

U.S. hiring in October was the weakest since 2020, due to the impact of major hurricanes and a strike at Boeing Co.

Nonfarm payrolls rose by 12,000 last month, and hiring in the past two months was weaker than previously thought, suggesting the underlying labor market continues to cool. The data keeps the Federal Reserve on track to cut rates by a quarter of a point next week, and it’s the last big data on the economy before the U.S. presidential election.