U.S. economy added 12,000 jobs in October, far less than expected; unemployment rate at 4.1%

Job creation in October slowed to its weakest pace since late 2020 as the impacts of storms in the Southeast and a significant labor impasse dented hiring plans.

Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below the Dow Jones estimate for 100,000, the Bureau of Labor Statistics reported Friday. It was the smallest gain since December 2020.

The unemployment rate, however, held at 4.1%, in line with estimates.

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