US hiring in October was the weakest since 2020, reflecting the impact of severe hurricanes and a strike at Boeing Co.
Nonfarm payrolls increased 12,000 last month, and hiring over the previous two months was weaker than previously thought, suggesting the underlying labor market continues to cool. The data keep the Federal Reserve on track to lower interest rates by a quarter-point next week, and it’s the last major data point on the economy before the US presidential election.