President Joe Biden assessed on the 1st that the disappointing October jobs report, which is being labeled an 'employment shock,' resulted from the impacts of recent hurricanes and labor strikes in some sectors, while expressing optimism for a rebound in November.

In a statement, Biden said, "The pace of job gains was reduced due to the disasters caused by Hurricanes Hilary and Milton and new strike activities." He expressed confidence that job growth would rebound in November as recovery and rebuilding efforts from hurricane damage continue.

Biden also emphasized that "the American economy remains strong," highlighting that 16 million jobs have been created since he took office and noting that the U.S. has maintained the lowest average unemployment rate of any administration in the past 50 years.

On the same day, the U.S. Department of Labor announced that the non-farm payrolls in October increased by just 12,000 from the previous month. This marks the smallest job growth since December 2020, when the pandemic significantly impacted employment, and fell far short of the Dow Jones forecast of 110,000.