UPDATE - US adds only 12,000 jobs in October, much less than estimates of 106,000

UPDATES WITH MORE FIGURES

By Ovunc Kutlu

ISTANBUL (AA) - The US economy added only 12,000 jobs in October, much less than market estimates, according to figures released Friday by the Labor Department.

The market expectation for nonfarm payrolls was a gain of 106,000 jobs for the month, which saw two destructive hurricanes hit several states in the US as well as a large strike at aircraft maker Boeing.

Job additions for September were revised down by 31,000, from 254,000 to 223,000.

The unemployment rate remained unchanged at 4.1% in September, and came in line with market estimates.

The number of unemployed people was 6.4 million in October, while the labor force participation rate remained unchanged at 62.6% during that period.

The new figures come just days before next Tuesday's US presidential and congressional elections, with the economy a major issue for most voters.

-Boeing strike hits manufacturing

The employment-population ratio, meanwhile, remained steady at 60.0% in October, compared to the month before.

In October, the number of people not in the labor force who currently want a job also stood unchanged at 4.6 million, the Labor Department said in a statement.

"These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs," it added.

In October, health care saw the biggest gain in jobs, with 52,000 added.

Employment in manufacturing, on the other hand, fell 46,000 – mostly due to the strike at aircraft manufacturer Boeing, according to the Labor Department.

In October, average hourly earnings for all employees on private non-farm payrolls rose 0.4% to $35.46 per hour, compared to September.

That figure showed an annual increase of 4% compared to the same month of 2023.