October 2024 reveals deepening troubles in the U.S. labor market, especially within manufacturing, where 46,000 jobs were lost—the steepest drop since April 2020. Manufacturing has declined four out of the last five months, shedding 88,000 jobs overall and reaching the lowest payroll levels since July 2022. Across the private sector, employment fell by 28,000, the sharpest decrease since December 2020, while government hiring surged by 40,000, reflecting a widening gap between public and private sector trends.
Further, labor market revisions showed a staggering drop of 818,000 jobs over the past year, ending in March 2024, alongside 1.2 million fewer full-time positions. Inflation remains a persistent issue, with core CPI staying above 3% for 41 straight months. Financial strain is also evident with 512 major bankruptcies in 2024—the second-highest figure in 14 years—highlighting significant pressures on larger businesses.
These statistics from the Bureau of Labor Statistics underscore serious concerns over economic stability, job market resilience, and inflationary pressures facing the U.S. in 2024.
BREAKING: The ISM manufacturing PMI index shrank further in October, down from 47.2 to 46.5 points.
The index materially missed expectations of 47.6 points.
US manufacturing has now contracted in 22 of the last 23 months, extending the second-longest downturn in history.… pic.twitter.com/e0CWiyxrly
— The Kobeissi Letter (@KobeissiLetter) November 4, 2024
Sources:
- Bureau of Labor Statistics (BLS) – Current Employment Statistics Highlights for October 2024 – Provides detailed data on manufacturing job losses, employment changes, and public sector hiring.
- Bureau of Labor Statistics Monthly Employment Report – Reports on employment revisions, including the recent 818,000 job downward revision over the past year.
- U.S. Department of Labor – Consumer Price Index (CPI) Reports – Covers core CPI inflation, noting the sustained 3% or higher inflation rate over the past 41 months.
- American Bankruptcy Institute – Bankruptcy Data and Analysis – Lists data on corporate bankruptcies, highlighting the 512 major bankruptcies filed in 2024, which is the second-highest in 14 years.