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Key Points:
The unemployment rate remained unchanged at 4.1% in October. Payroll jobs increased by only 12,000, though hurricane disruptions and ongoing strikes largely impacted that headline number. Other economic data still indicate that the labor market is relatively solid, but we are at a point where we don’t want to see many more reports like this.
At first glance, October’s jobs report paints a picture of growing fragility in the US labor market. But under the surface is a muddy report roiled by climate and labor disruptions. In addition to the potentially tens of thousands of jobs