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US lost jobs through late October, new private-sector data shows
Job losses averaged 11,250 weekly in late October, marking a labor market slowdown amid over 1 million cuts this year, the highest since 2009, ADP and Challenger data show.
- On Oct. 25, ADP Research reported U.S. private sector employers shed an average of 11,250 jobs per week in the four weeks ending Oct. 25, releasing new weekly payroll data Tuesday.
- Large corporate headcount reductions from Amazon, Starbucks, Target and UPS and the longest U.S. government shutdown delaying jobs reports have increased reliance on ADP Research.
- ADP's weaker readings could prompt Federal Reserve policymakers to consider further rate cuts, as investors expect another quarter-percentage-point reduction next month.
- More broadly, data show more than 1 million jobs have been cut this year, up 65%, University of Michigan data show 71% expect rising unemployment next year, and Indeed reports job openings at their lowest since February 2021.
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US likely bled jobs in October
The Bureau of Labor Statistics did not release an October jobs report thanks to the GOP’s government shutdown. But the United States likely lost a whopping 50,000 jobs last month, according to a report released Tuesday by Goldman Sachs. This is a...
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Coverage Details
Total News Sources19
Leaning Left4Leaning Right0Center7Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 36%
C 64%
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