Boeing strike and hurricanes make an impact: Nonfarm payroll employment increased by a measly 12,000 in October, which was affected negatively by Hurricanes Helene and Milton and strike activity, while manufacturing employment fell by a more significant 46,000.
Why it matters: The significant drop in manufacturing employment, weighed down primarily by the Boeing strike, will also impact the headline employment number in November if a deal is not agreed upon soon.
And manufacturing job openings are in decline: Job openings for manufacturing dropped to 481,000 in September, with nondurable goods driving the decline.
What it means: Weakness in the manufacturing sector is causing the rate of job openings to drop in addition to decreases in employment.
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