368,000 fewer Americans reported having jobs in October and 150,000 more said they were unemployed in October, according to the latest household survey from the Bureau of Labor Statistics in the last report before the Nov. 5 presidential election between incumbent Vice President Kamala Harris and challenger former President Donald Trump.
That's usually what happens during periods of peak employment towards the end of the economic cycle after peak inflation and the economy overheating - as inflation cools amid sinking demand as households max out their credit, the economy tends to start shedding jobs.
There are 1.286 million more unemployed from the low of 5.7 million in Dec. 2022, and the unemployment rate has gradually ticked up over a similar period, from an April 2023 low of 3.4 percent to the current level of 4.1 percent.
In the establishment survey of employers, only 12,000 jobs were added by employers, well below market expectations, and would is almost certainly a very bad sign of what is ahead. 46,000 manufacturing jobs were lost in October alone.
After the slowdown or recession subsides, and employment rises along with inflation as demand begins increasing, it will begin hiking them again.
Thanks to high inflation - it's only slowed down but prices have not decreased on an overall basis - interest rates are up 70 percent, with large increases in monthly mortgage payments and in monthly consumer credit payments as Americans became increasingly taxed.
All things come to an end, and with the crappy jobs report and the imminent presidential, the question is whether it also marks the end of the Biden-Harris administration, with Harris potentially suffering at the polls on Nov. 5.
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