Data from the U.S. labor market released today, Friday, showed a divergence in employment indicators during October, as the U.S. economy managed to add 12,000 new jobs, a figure much lower than expectations, which were pointing to an addition of 113,000 jobs. This followed the September report, which recorded an addition of 254,000 jobs, revised down to only 223,000 jobs.

The data also indicated that the unemployment rate remained stable at 4.1% in October, aligning with market expectations and the previous reading, which showed unemployment stable at the same level in September.

On the wage front, the average hourly wage recorded a monthly increase of 0.4% during October, exceeding expectations that were at 0.3%, and the previous reading was revised to 0.3% in September. On an annual basis, wages experienced a growth of 4.0%, which is in line with market expectations that anticipated a reading around 4.0%, while the previous reading also showed a growth rate of 4.0% in September, revised to 3.9%.

The U.S. labor market data is considered the primary monthly indicator that measures economic activity; it encompasses all major economic sectors, and many other economic indicators rely on its data, as employment data reflects labor market performance as well as income and production rates.

Here are the details of the U.S. labor market data released today:

The healthcare sector added about 52,000 jobs.
The government sector added about 40,000 jobs.
The professional and business services sector saw a decline in employment of about 49,000 jobs.
Manufacturing jobs decreased by about 46,000 jobs.
The construction sector added about 8,000 jobs.
Employment did not change significantly in sectors such as mining, quarrying, and oil and gas extraction, wholesale trade, retail trade, transportation and warehousing, information, financial activities, leisure and hospitality, and other services.