Job creation slowed down sharply and much more than expected in October in the United States, under the cumulative effect of strikes and hurricanes, which could weigh on the Democratic camp four days before the presidential election, despite a unemployment rate stable at 4.1%.
The Democratic camp struggles to convince on its economic record
In October, only 12,000 jobs were created, the Labor Department announced Friday. This is much less than expected since analysts were counting on 110,000, according to the Market Watch consensus. “It is likely that the estimates of salaried employment in certain sectors were disrupted by the hurricanes,” details the ministry in its press release.
These figures come from two surveys, carried out among households and businesses and administrations, the progress of which was undoubtedly affected by the significant damage caused by hurricanes Hélène and Milton, at the end of September and the beginning of October. In addition, underlines the Department of Labor, “employment has decreased in the manufacturing sector due to strikes”, notably the one which has affected the aircraft manufacturer Boeing since September 13. Strikers, but also people on technical unemployment, are counted in the United States as being unemployed.
In contrast, “employment continued its upward trend in health care and government.” Job creations for August and September were also revised downwards, to 78,000 and 223,000 respectively, which represents a total of 112,000 jobs ultimately not created.
Four days before a particularly tense and close duel between Kamala Harris and Donald Trump, there is no doubt that the latter will take advantage of these less good figures to point out the economic mismanagement of the country by the Democrats. And voters could also hold it against them. The Democratic camp is indeed struggling to convince voters of their good economic results, these being overshadowed by several years of inflation and high interest rates. Even the American dream of owning a cottage is now out of reach for many young families.
Swiss
