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US employers added just 12,000 jobs last month as hurricanes and strikes sharply reduce payrolls
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In October 2024, US employers added only 12,000 jobs, significantly down from 223,000 in September; the job market was impacted by Hurricanes Helene and Milton and strikes at Boeing, which economists estimate removed up to 100,000 jobs; the unemployment rate remained steady at 4.1%; temporary job placement firms lost 49,000 jobs, while healthcare added 52,000 and state/local governments added 39,000; revisions showed August and September job gains were 112,000 lower than previously reported; the economy grew at a 2.8% annual rate last quarter; inflation has decreased, leading to anticipated Fed interest rate cuts; 7.4 million job openings were reported in September, the lowest since January 2021; 3.1 million Americans quit their jobs in September, indicating reduced worker confidence; employers are finding it easier to hire amid a cooling job market.
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