WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that just 12,000 jobs were added in October, the fewest number since December 2020. Also, August and September employment growth was revised down by 112,000 jobs combined. The unemployment rate remains unchanged at 4.1%. The number of unemployed persons is 7 million, up from 6.4 million one year ago. The labor force participation rate virtually held at 62.6% (still below pre-pandemic levels).
For women:
- The unemployment rate for adult women held at 3.6%.
- The unemployment rate fell to 4.9% from 5.3% for black women and rose to 5.2% from 4.8% for Hispanic women.
- Women’s labor force participation fell by 0.3% to 57.3%.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“This is a blistering jobs report with massive private sector job losses. Striking workers and Hurricanes Helene and Milton have put many workers in the unemployment line. However, there are other signs of stress on the labor force.
“Over half a million more Americans are unemployed now compared to a year ago. September and October were revised down by a whopping 112,000 jobs. Industries where women are clustered such as retail, leisure and hospitality, and professional and business services all suffered losses last month.
“Meanwhile, government jobs growth is artificially propping up the labor market but growing government is not the same as growing the economy. We also have the fewest job openings since January 2021 while layoffs are rising and employees aren’t quitting their jobs as freely as before with the hope of getting a new job quickly.
“Going into the final few days before the elections, Americans should be concerned that the current leadership in Washington has imposed job-strangling regulations that fuel price increases. Prices have not come down to pre-2021 levels and increased nearly 20 percent since the Biden-Harris administration began.
“Paychecks, especially for low- and middle-class income workers are stretched thin. We need an economic agenda that grows businesses (large and small), protects self-employment and gig work, and encourages employers to expand pay and benefits for workers.”
Read the stories of women and men who stand to lose flexible opportunities HERE.