The latest report indicated only 12,000 jobs were added in October, the smallest gain in four years, drastically below expectations of 100,000.
EY Senior Economist Lydia Boussour highlighted that the report showed material weakening in job growth, likely due to Hurricane Helene and Hurricane Milton impacting employment.
Despite the job growth slowdown, the unemployment rate stayed constant at 4.1%, marking an increase in unemployed individuals from 6.4 million last year to seven million.
Boussour indicated that the weak jobs report is likely to keep the Federal Reserve careful about interest rate cuts, maintaining a cautious approach.
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