Business

The U.S. government released a new jobs report Friday, which showed employers are hiring at slower rates than expected.The final jobs report out before Election Day showed employers added just 12,000 jobs in October.Treasury Secretary Janet Yellen attributes the lower numbers to temporary disruptions.”We had significant strikes and two hurricanes, and data in the report shows that employment was depressed by these unusual events. So this is something very temporary,” Yellen said.She also highlighted positive aspects of the report, such as the fact that it shows a strong labor market with the unemployment rate near historic lows at 4.1%.Despite these indicators, many Americans remain concerned about the economy. A recent Gallup poll indicates that a majority of Americans feel worse off than they were four years ago. Bankrate analysis shows prices have increased by more than 20% since February 2020.Joel Griffith from The Heritage Foundation commented on the economic challenges facing families.”If you’re one of those people looking to buy a house or you have a growing family looking to buy a home, the average annual home ownership costs have risen,” Griffith said. “I think this has been more of a crash landing than a soft landing for most families.”Yellen acknowledged the ongoing economic challenges and emphasized the need for further action.”I’m hopeful that we might be able to agree on a package that would add to the supply of housing. It’s still possible. We need to work with Congress,” Yellen said.Other economic data released this week shows inflation is nearing the Federal Reserve’s target of 2%. Yellen expressed optimism about the country’s economic trajectory.”I think the data we are seeing is consistent with the soft landing, which means inflation has come down,” Yellen said.The last jobs report in September saw job gains of more than 200,000. Economists suggest that the recent storms and strikes may have caused up to 100,000 jobs to be lost in the latest report.