Final jobs report before election will likely offer a blurred view of labor market

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Americans on Friday will get their last major look at the state of the U.S. economy — the October jobs report — just four days before Election Day. The view, though, is likely to be obscured by the effects of strikes and hurricanes that left many workers temporarily off payrolls.

FILE - Kegan Ward, assistant manager of Swami Spirits, walks through debris of the damaged store in the aftermath of Hurricane Helene, in Cedar Key, Fla., on Sept. 27, 2024. FILE - Boeing 737 Max aircrafts are seen behind fences as striking Boeing workers picket on Sept. 24, 2024, next to the company’s facilities in Renton, Wash. FILE - Kegan Ward, assistant manager of Swami Spirits, walks through debris of the damaged store in the aftermath of Hurricane Helene, in Cedar Key, Fla., on Sept.

“The October jobs report will be muddied,’’ Boussour wrote in a commentary. “We believe the true underlying pace of job growth was likely around 170,000 in October.” At the same time, the unemployment rate is expected to stay at a low 4.1%, according to the FactSet survey.By any measure, such figures are those of a healthy job market — not quite as robust as it was early this year but still solid and steady.

 

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