America’s employers added just 12,000 jobs in October — a marked slowdown that economists attribute largely to disruptions from strikes and recent hurricanes.

The latest report paints an ambiguous picture of an economy that has become a focal point in the final days of a high-stakes presidential race.

The October job gains fell well short of the 223,000 jobs added in September, as natural disasters like Hurricanes Helene and Milton, along with strikes at Boeing and other companies, effectively sidelined thousands of workers from payrolls last month. Economists estimate these disruptions accounted for a substantial portion of the slowdown in hiring.

Despite the tepid job growth, Friday’s Labor Department report held one reassuring sign: the unemployment rate held steady at a low 4.1%, reflecting a job market that remains fundamentally solid. The relatively stable unemployment rate, along with inflation nearing pre-pandemic levels, suggests the economy retains its resilience, even as it remains under the microscope in the final days of the election season.

The U.S. economy has outperformed most of the world’s advanced economies, showing surprising endurance amid high interest rates. The latest government data revealed that the economy grew at a robust 2.8% annual rate last quarter, driven largely by consumer spending — a critical engine for economic growth.

Yet, voter sentiment remains conflicted. As Americans weigh their options between former President Donald Trump and Vice President Kamala Harris, a significant number remain dissatisfied with the state of the economy. Despite the cooling of inflation, which has eased dramatically from its 2022 peak, many Americans are feeling the pinch of high prices, which remain around 20% above pre-2021 levels.

In response to the economic landscape, the Federal Reserve is expected to lower its benchmark interest rate next week for the second time, with another cut likely in December. After 11 interest rate hikes in 2022 and 2023, the Fed’s efforts successfully slowed inflation without causing a recession, and additional rate cuts could help lower borrowing costs for consumers and businesses alike.

Signs of a slowdown in the job market, however, have emerged. The Labor Department recently reported 7.4 million job openings in September — the lowest since early 2021, though still higher than pre-pandemic levels. Meanwhile, just 3.1 million Americans quit their jobs in September, marking the fewest voluntary exits in over four years. Fewer quits may indicate that workers are becoming less optimistic about finding better opportunities elsewhere.

The nation’s economic trajectory remains an open question, hinging on the outcome of next week’s election and the Fed’s upcoming moves, as Americans await to see how these dynamics will shape the post-election economy.

This article contains additional reporting from The Associated Press