The Indicator from Planet Money Cool, cool, cooling jobs
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Nov 1, 2024 The latest jobs report reveals a stagnant unemployment rate and modest job growth, influenced by recent hurricanes and strikes. Experts urge caution in interpreting these figures, emphasizing the complexity behind job statistics. The Bureau of Labor Statistics plays a crucial role in providing reliable data, especially in a politically charged environment. Insights into the challenges of calculating employment figures shed light on their importance in shaping economic understanding and policy ahead of elections.
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October Jobs Report
- October's jobs report shows 4.1% unemployment and 12,000 new jobs.
- Experts consider this weak due to hurricanes and the Boeing strike.
Reasons for Weak Jobs Report
- Economists expected weak October job numbers. This is due to hurricanes and the Boeing machinists' strike, impacting over 30,000 workers.
Steady Unemployment Rate
- Despite job losses, the unemployment rate remained steady. This is because of how it's calculated; those on strike or out due to severe weather are counted as employed.