US economy to fall into recession after November 5 election results?
US election 2024 polls to choose between Democratic Vice President Kamala Harris and Republican former President Donald Trump as the country's next president.
However, strikes in the aerospace industry depressed manufacturing employment while hurricanes shortened the collection period for payrolls, making it hard to get a clear picture of the labor market ahead of next week's presidential election, Reuters reported.
«This is not the clarifying report on the economy that Americans and markets needed before next week's election to answer whether voters are better off than they were four years ago,» Christopher Rupkey, chief economist at FWDBONDS.
«The one thing we can rule out is that the dramatic slowdown in nonfarm payroll jobs does not indicate the economy is at a tipping point and in danger of falling over the cliff and into recession,» Rupkey said.
Nonfarm payrolls increased by 12,000 jobs last month, the smallest gain since December 2020, the Labor Department's Bureau of Labor Statistics said. The economy added 112,000 fewer jobs in August and September than previously reported. Economists polled by Reuters had forecast payrolls would rise 113,000.
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