Key Points:
Payroll employment grew by 12K workers in October – the slowest pace since December 2020.
- The Boeing machinists’ strike likely weighed on employment as transportation equipment manufacturing employment fell by 44K.
- Hurricanes probably impacted employment growth as well; the Current Population Survey found over 500K workers were not at work due to weather during the reference week – the highest level for the month of October on record.
Employed, Not at Work due to Bad Weather
Real GDP grew at a robust 2.8% seasonally-adjusted annualized rate in Q3 2024.
- Growth was driven by personal consumption while inventory investment and net exports, which are relatively volatile components, subtracted from headline growth.
Real: Q3 2024 (Preliminary Estimate)
