US lost 46,000 manufacturing jobs in October; bankruptcies hit 512 in 2024.

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October 2024 reveals deepening troubles in the U.S. labor market, especially within manufacturing, where 46,000 jobs were lost—the steepest drop since April 2020. Manufacturing has declined four out of the last five months, shedding 88,000 jobs overall and reaching the lowest payroll levels since July 2022. Across the private sector, employment fell by 28,000, the sharpest decrease since December 2020, while government hiring surged by 40,000, reflecting a widening gap between public and private sector trends.

Further, labor market revisions showed a staggering drop of 818,000 jobs over the past year, ending in March 2024, alongside 1.2 million fewer full-time positions. Inflation remains a persistent issue, with core CPI staying above 3% for 41 straight months. Financial strain is also evident with 512 major bankruptcies in 2024—the second-highest figure in 14 years—highlighting significant pressures on larger businesses.

These statistics from the Bureau of Labor Statistics underscore serious concerns over economic stability, job market resilience, and inflationary pressures facing the U.S. in 2024.

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