U.S. job cuts surge past 1 million, marking the worst October since 2003 AI and cost-cutting drive layoffs as companies tighten belts Hirin

The latest — and only — comprehensive look at the health of the US labor market showed Wednesday that the economy added an estimated 42,000 private-sector jobs last month.

Better reports a government shutdown has caused a data blackout, hindering economic predictions and creating mortgage rate volatility for borrowers.

ADP reported preliminary data last week indicating private sector employers added an average of 14,250 jobs per week over the previous four weeks, suggesting a monthly job growth of around 55,000 during the four-week period.