U.S. Manufacturing Sees October Jobs Decline in Wake of Hurricanes and Strike Activity

For Immediate Release: November 1, 2024

Washington, D.C. - U.S. factories lost 46,000 jobs in October, according to data released by the Bureau of Labor Statistics on Friday.

"There's not much to glean from factory or overall jobs data in October other than to say the impact of the Boeing strike and natural disasters is undeniably apparent," Alliance for American Manufacturing President Scott Paul said. "If anything, the weakness underscores the need for the Federal Reserve to continue aggressive interest rate cutting on November 7."

The Federal Reserve reduced interest rates by half a percentage point on Sept. 18 and has signaled plans for two additional, more gradual rate cuts.

Alliance for American Manufacturing President Scott Paul is available for interview.

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