Katelyn Walker Mooney Acting Assistant Secretary for Policy | Official Website
Acting Secretary of Labor Julie Su addressed the latest Employment Situation report for October 2024, emphasizing continued economic resilience despite disruptions. According to the Bureau of Labor Statistics, the U.S. economy added 12,000 jobs in October, a period affected by hurricanes and strike activity.
"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," Su stated. She noted that these factors are temporary and do not indicate a change in overall economic trends. The unemployment rate remained at 4.1 percent with high labor force participation and decreasing inflation.
Strike activities notably reduced employment growth by 41,000 jobs, impacting industries like transportation equipment manufacturing. Su clarified that this does not point to economic weakness but rather signifies "a robust economy where workers have the power to demand better wages and working conditions."
Su highlighted that after adjustments, the three-month average for employment gains through September is 148,000. She also mentioned strong wage growth at 0.4 percent monthly in October and a three-month annual pace of 4.5 percent. Additionally, GDP grew by an annual rate of 2.8 percent in the third quarter alongside consumer spending increasing at a rate of 3.7 percent.
"The Biden-Harris administration remains steadfast in its commitment to building a strong economy that benefits all working Americans," she affirmed.
