**US Job Growth Slows in October Amid Hurricanes and Strikes**

In October, the US experienced a significant deceleration in job growth as adverse weather and labor strikes disrupted the economy. The Labor Department reported that employers added just 12,000 jobs last month, a stark contrast to the 223,000 positions created in September. However, the unemployment rate remained steady at 4.1%.

The latest employment figures, closely monitored for insights into the economic landscape, are the final set of data before the presidential election next Tuesday. The report highlighted ongoing growth in healthcare and government sectors but pointed out a decline in manufacturing jobs largely due to strikes.

Industrial actions significantly impacted the numbers, with approximately 30,000 Boeing workers on strike since mid-September, causing a notable reduction in aircraft production. Similar disruptions occurred at Textron, another major player in the aerospace industry. The Labor Department noted a reduction of 46,000 jobs in manufacturing, attributable primarily to a decline of 44,000 positions in transportation equipment manufacturing from strike activities.

Economists had anticipated a more robust addition of 113,000 jobs, according to a Reuters poll. The shortfall in job growth can be attributed in part to the exclusion of striking workers from the employment data. Brian Coulton, chief economist at Fitch Ratings, acknowledged the weak increase but cited the strong performance in September and the combined impacts of labor strikes and hurricanes as contributing factors.

Hurricanes Helene and Milton, which struck the southeastern US and Florida respectively, also played a significant role, with 512,000 people unable to work due to extreme weather conditions. Despite the slowdown, financial markets anticipate a 0.25 percentage point interest rate cut from the Federal Reserve next week.

Seema Shah, chief global strategist at Principal Asset Management, suggested that the hurricane's impact on the job numbers is clear and should not deter the Fed's policy trajectory. Similarly, Lindsay Rosner of Goldman Sachs Asset Management remarked that while the numbers are stormy, the economic outlook suggests a rate cut is likely.

Looking back over the past year, job growth has been slowing, and the unemployment rate, though still low, has edged higher. Average hourly earnings saw a 4% increase over the last 12 months. The US Fed previously enacted an unusual 0.5 percentage point interest rate cut in an effort to stabilize the labor market.

The upcoming election has heightened focus on economic issues, with recent job data providing an essential backdrop to voter decision-making.