News Wrap: Labor Department releases final jobs report before election

In our news wrap Friday, the Labor Department released its final jobs report before the election, the death toll from flooding in Spain spiked to at 205 with many still missing, New Delhi’s air quality plummeted as smoke from firecrackers used to celebrate Diwali polluted the air and a judge rejected Elon Musk’s bid to move a Pennsylvania lawsuit over his election giveaways to a federal court.
Geoff Bennett:
And we start today’s other headlines with the state of the U.S. labor market. The nation saw much slower job growth last month than the final such report before next week’s election.
The Labor Department’s monthly tally shows that the U.S. economy added just 12,000 jobs in October. That’s down sharply from the 223,000 new jobs we saw a month earlier. Economists say the impact of recent hurricanes and corporate strikes are at least partly to blame. The unemployment rate, meantime, remained unchanged at 4.1 percent.
Speaking in Philadelphia this afternoon, President Biden told union workers the economy remained strong thanks in part to them.
Joe Biden, President of the United States: And I’m proud to be listed as the most pro-union president in American industry.
(Cheering)
Joe Biden:
The middle class has grown. The middle class has grown. We have the best economy in the world right now because of you.
(Cheering)
Geoff Bennett:
Looking forward, the U.S. Federal Reserve is expected to cut interest rates for a second time next week, as inflation has cooled dramatically since its recent peak in 2022.
That comes even as consumers and voters remain frustrated by the nation’s high prices.
In Spain, the death toll from this week’s flooding has spiked to at least 205, with many more still missing. It’s one of Europe’s worst disasters in decades and the deadliest in living memory in Spain. In parts of Valencia in the country’s east, more than a year’s worth of rain fell in less than eight hours on Tuesday.
The floodwaters that followed piled up cars and smashed infrastructure. Volunteers are working to help those affected, but for residents, the impact of the flooding will be lasting.
Amber Gonzalez, Spain Resident (through interpreter):
There are a lot of dead people. And what do you want me to say? No matter how much help we get, it is not enough. We need much more help.
And no matter how much help comes, this is not going to be fixed in a month or two. We need a lot because it has done a lot of harm. And the harm is going to be fixed, but the people who have left won’t come back.
Geoff Bennett:
Authorities have rescued more than 4,500 people trapped by the flood so far. More rain is expected in the coming days.
India’s capital was shrouded by a thick layer of toxic smog today. New Delhi’s air quality index plummeted to a reading of severe as smoke from firecrackers used to celebrate Diwali polluted the air. In many areas, levels of deadly particulate matter were seven times the WHO’s safety limit.
Diwali is the Hindu Festival of Lights and one of India’s most popular holidays. Authorities have banned the use and sale of traditional firecrackers in New Delhi since 2017, but people often ignore the rule.
A U.S. district judge has rejected Elon Musk’s bid to move a Pennsylvania lawsuit over his million-dollar election giveaways to a federal court. The decision comes a day after a Philadelphia judge put the state challenge on hold. City prosecutors sued the billionaire and his pro-Trump super PAC earlier this week, saying the sweepstakes may violate election law.
Musk’s super PAC launched the prizes in October. To qualify, voters must be registered in one of seven swing states and they must sign a petition supporting free speech and gun rights. It’s unclear whether today’s ruling will stop the giveaways before Tuesday’s election.
On Wall Street today, stocks ended higher as investors shook off the news of that weak unemployment data. The Dow Jones industrial average added nearly 300 points on the day. The Nasdaq gained more than 140 points after steep losses earlier in the week. The S&P 500 also ended in positive territory.