According to data released by the US Department of Labor, the non-farm payroll added 12,000 people in October 2024, significantly lower than the market's expected 106,000. In terms of employment breadth, the employment diffusion index fell from 59.8 to 55.6 in October. The overall data is significantly lower than expected. In terms of structure, health care and government departments are the main contributors to the October non-farm payroll, while durable goods manufacturing, professional and business services are the main drag factors.

Contrary to the previously released ADP employment data, the ADP employment data showed a strong performance, with a reading of 233,000, compared to an expected value of 110,000. The main reason may lie in the different sample collection calibers. The ADP data mainly reflects the situation of leading global enterprises, while non-farm employment data, relatively speaking, has a more comprehensive sample.

The significant underperformance may be attributed to the forecast made by Federal Reserve Board Member Woller on October 14, indicating that the expected hurricanes and strikes may reduce job growth by over 100,000. In addition, the response rate to the October institutional survey dropped to 47.4%, the lowest since January 1991, to some extent reflecting a drop in the reference value of this data. Overall, considering the ADP and various other factors, this data may be somewhat off, and the overall employment market currently shows no significant changes.