The U.S. job market suffered its worst month for growth in October 2024 since December 2020, according to the Bureau of Labor Statistics.

Nonfarm payrolls added just 12,000 jobs for the month and missed the Dow Jones estimate of 100,000. The unemployment rate remained at 4.1%.

Average hourly earnings increased 0.4% over the month to beat estimates, the Bureau said, while the average workweek held steady at 34.3 hours.

Key insights from jobs report include:

  • The unemployment rate for adult men is 3.9%, adult women 3.6%, teenagers 13.8%, Whites 3.8%, Blacks 5.7%, Asians 3.9% and Hispanics 5.1%.
  • The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 1.6 million in October.
  • The number of people employed part time for economic reasons was little changed at 4.6 million.
  • The number of people not in the labor force who currently want a job sits at 5.7 million.
Also in October, health care added 52,000 jobs, in line with the average monthly gain of 58,000 over the prior 12 months, while employment in government continued its upward trend by adding over 40,000 jobs. Manufacturing employment decreased by 46,000 jobs in October, while construction added over 8,000 jobs.

Meanwhile, average hourly earnings for all employees on private nonfarm payrolls rose 13 cents to $35.46. Over the past 12 months, average hourly earnings are up 4.0%.

The slideshow above illustrates the top states for finding a job in 2024, as selected by WalletHub.

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