WASHINGTON – Acting Secretary of Labor Julie Su issued the following statement on the October 2024 Employment Situation report:
“Today, the Bureau of Labor Statistics reported that the American economy added 12,000 jobs in October, a month marked by significant impacts from hurricanes and strike activity. Despite these temporary disruptions, our economy continues to be strong. President Biden is the first president since data has been collected who has seen job growth every single month of their presidency. The unemployment rate held steady at 4.1 percent, labor force participation remains high, and inflation continues to decrease. This jobs report reflects an atypical month rather than a shift in the broader economic outlook.
“Strike activity, specifically, reduced employment growth by 41,000, temporarily impacting payrolls in industries like transportation equipment manufacturing. Yet, these events do not signal economic weakness. Instead, striking workers reflect a robust economy where workers have the power to demand better wages and working conditions.
“After accounting for revisions, our three-month average for employment gains through September stands at 148,000. This stability, coupled with strong 0.4 percent monthly wage growth in October, a three-month annual wage growth pace of 4.5 percent, and a 2.8 percent annual GDP growth rate in the third quarter, demonstrates the resilience of the American economy. Inflation continues to decrease, while consumer spending grew at an impressive 3.7 percent rate in the third quarter, underscoring a sustainable path forward.
“The Biden-Harris administration remains steadfast in its commitment to building a strong economy that benefits all working Americans. Our outlook remains strong, and we are dedicated to ensuring that every worker has the opportunity to thrive in a stable and growing economy.”
