US economy added 12,000 jobs in October, well below economists’ expectations

U.S. job growth slowed down in October, coming in well short of economists’ expectations, while the unemployment rate was unchanged. 

The Labor Department on Friday reported that employers added 12,000 jobs in October, well below the 113,000 gain that was predicted by LSEG economists.

The unemployment rate was 4.1%, in line with expectations.

The number of jobs added in the prior two months were both revised downward, with job creation in August revised down by 81,000 from a gain of 159,000 to 78,000, while September was revised down by 31,000 from a gain of 254,000 to 223,000.

This is a developing story. Please check back for updates.