THE U.S. JOB MARKET RECOVERS SLIGHTLY BUT LAYOFFS CAUSE CONCERN

🔸 The private sector added 42,000 jobs in October, surpassing expectations and recovering from a decline in September.

🔸 Large companies are ramping up hiring, while small businesses cut 34,000 jobs. This is a concerning trend as this group is often the main driver of the labor market.

🔸 Strongly growing sectors: trade, transportation, and healthcare. Weak sectors: technology, business services, and manufacturing.

🔸 Wages increased by 4.5% for those holding jobs and 6.7% for job switchers, indicating that income remains stable.

🔸 Although Amazon, UPS, and Target have laid off over 60,000 employees this year, raising fears of a wave of office job declines due to AI. The current job situation may only reflect companies cutting costs and reacting to decreased consumer spending, rather than being due to AI replacing humans en masse.