The U.S. Economy Was Expected to Add 100,000 Jobs in October—It Actually Added 12,000.

MSN Entrepenuer ^ | 11/01/2024 | Sherin Shibu

[Vendome]

he latest employment situation report from the U.S. Bureau of Labor Statistics (BLS), released Friday morning, showed that the economy added only 12,000 jobs in October, or 12% of the 100,000 additions expected. It's the smallest gain in four years, since December 2020.

The report "showed a material weakening in job growth," EY Senior Economist Lydia Boussour told Entrepreneur in an emailed statement.

[Sirius Lee]

This would normally be devastating to the incumbent, but the MSM is rather quiet about it today vs the past couple of months where the jobs reports were trumpeted all over the place.

[Raycpa]

To a socialist all jobs are government jobs.

[nathanbedford]

Joe and Kamala have injected trillions of hot money into the economy that has ignited the stock market but the power of it has about lost its steam to increase or even maintain employment. Worse, it precipitated and probably caused the worst inflation in 40 years. Thus, the actions and policies of the Biden/Harris regime has created the worst of all nightmares, stagflation.

Now there are signs that we are flirting with a death spiral if buyers fail to appear at the bond window and our debt cannot be rolled over. Would you buy a long bond today? If the Fed cannot sell enough bonds to cover the due bills because of loss of confidence that the nation can emerge from $2 trillion a year deficits, there is nothing left but to print dollar bills until we become as hapless as the Weimar Republic or as bankrupt as our own Confederacy.

Donald Trump will undoubtedly win Tuesday's election but look at what he might inherit upon his inauguration on January 20. Donald Trump has been the apostle of recovery and prosperity but neither might be in the power of mortal man by January 20, 2025 to sustain. The simple truth is that no politician preaching austerity in hard times can be elected president at the end of the age of borrow and spend. The public has simply become conditioned to believe that there are no downside consequences to borrowing and debt. The shock will be profound and human nature will demand of villain.

At the very least Donald Trump will inherit a recession and, by the rules of the political game, he is likely to be blamed for the recession simply because it will have occurred on his watch. It does not matter that this is unfair, it's just the way it is for politicians in office especially Republican politicians and particularly worse for Donald Trump.

What will Trump do between now and his inauguration to prepare the country for what might come? Does he believe that he can buy enough time with his aggressive program of tax cutting, energy revival, regulation cutting and tariff imposition to convince the bond market that he can cross the lines before it is too late? Or, will he instead deliver a blood, toil, tears and sweat speech to place the blame where it belongs, on Democrats and high spending Republicans, and brace the country for a daunting period of austerity as did Winston Churchill?

If a recession comes, and if it is severe enough even without a bond crisis, facts on the ground will certainly affect the public's perception of whether Trump is villain or Savior. I think he should get ahead of the problem as soon as possible.

[ridesthemiles]

NOPE-—THIS IS THE FIRST set of numbers.

[volare737]

47,000 government jobs....just what our economy needs! /s

[Vaduz]

Biden math at work

[The Sons of Liberty]

The U.S. Economy Was Expected to Add 100,000 Jobs in October—It Actually Added 12,000.

Will this be actually reported by the media, or swept under the rug?

Never mind, I know the answer.

[Paul R.]

Anybody have the summary of the US jobs report for the last 10 years?

I’d think October would usually be a strong month due to hiring for the Christmas season).

[Paul R.]

Markets are reacting to the likelihood of interest rate cuts.

[Paul R.]

That’s my worry too. Plus, revenge for Cackles out of the way, Biden may kick in some measures to make thing worse.

[Scott from the Left Coast]

+1

Excellent take.

[dowcaet]

Not a lot of “joy” in those job numbers!

[PIF]

added only 12,000 jobs
—

Harbinger of a possible Kamala Presidency.

[PIF]

How many were government jobs?

—
only 12,000 were government jobs.

[Avalon Memories]

How many were government jobs?

All of the 12K were government jobs. No private sector jobs were added in Oct.

[PeterPrinciple]

Didn’t they count the Harris bus riders?

[lgjhn23]

Naaaa...not unbelievable. All this illegals gotta do something so they suck up all the work they can find ‘under the table’....
Anyone using em for labor, especially for using em ‘under the table’, should be jailed and run out of business forever.

[Enlightened1]

What were the 12,000 jobs temporary part time jobs?

[volare737]

There were over 40,000 government jobs.....which means there was a loss in the private sector!

[Kudsman]

You are not supposed to extrapolate. You have been reported.