Data released Friday morning by the Bureau of Labor Statistics showed that U.S. employment increased by just 150,000 in October, below the 190,000 expected. The unemployment rate rose to 8.1% from 9.3%.
This report shows that the U.S. economy is slowing under the weight of strikes and high interest rates.
Manufacturing jobs fell by 35,000, with about 33,000 reflecting the impact of strikes by the United Auto Workers (UAW) and General Motors, Ford and Strandis.
President Biden flew to Michigan to cheer on striking auto workers in what was considered a historic action at the end of ’15. With Biden’s support, the UAW reached tentative agreements with the three automakers that provided workers with generous raises and better benefits.
Biden won from the strike because it solidified his position as a union ally and helped him win the support of unionized workers. This is critical to his 2024 re-election campaign.