‘Low-hire, low-fire’ labor market shows sluggish growth but few layoffs, with an interest rate hike expected in December

The US added 165,000 jobs to the economy in October, a sign of resilience in the labor market amid ongoing war in the Middle East and inflation, according to new data released on Friday.

Economists had said the labor market has been stuck in a “low-hire, low-fire” state, in which job growth is sluggish but layoffs also remain low, but October’s data surpassed economist expectations. The unemployment rate went down slightly to 4.1%, the Bureau of Labor Statistics (BLS) reported.

Nearly $2tn shaved off Nasdaq value as worries of curbs to AI datacenters ripple across bourses

The Nasdaq share index had its worst day in 19 months after slumping 5.5% on Thursday amid growing signs that the artificial intelligence industry will face tougher regulation because of the midterm election results.

As Wall Street sustained widespread losses, the Nasdaq composite tumbled into “correction territory” – more than 10% below its recent record high – with more than $2tn shaved off its value by the end of trading Thursday. The tech-heavy index had its biggest one-day fall since Donald Trump announced his “liberation day” tariffs on US trading partners in April 2025.

Polling done for the Guardian shows plummeting support from a former key constituency of Donald Trump’s base

• Q&A: Ask your questions about Democrats’ win in the midterms

Polling conducted by the Harris Poll for the Guardian before the election shows just how angry voters were and points to one key reason Republicans lost so badly: plummeting support from rural voters, once a key constituency of Donald Trump’s base.

Over the summer, 95% of Americans indicated they believed there was an affordability crisis, particularly because of steep gas and grocery prices. By October, 61% of voters believed the country was experiencing a recession, even though technically it wasn’t.

Exclusive: Letter sent to department and agency heads signals Democrats will look to investigate Trump officials

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• Tell us: what do you want to know about midterm results?

A group of Democratic lawmakers are asking leaders in the Trump administration to preserve records in accordance with federal law or risk criminal penalties after voters across the country gave Democrats control of Congress.

In a letter sent out to department and agency heads on Wednesday morning, Bobby Scott, the top Democrat on the House committee on education and workforce who is expected to become chair next year, noted the requirements to “collect, retain and preserve records that document the ‘transaction of public business’ or contain ‘informational value’ under the Federal Records Act of 1950”.

Midterms didn’t appear to have huge impact, though predicted wins for Democrats could mean more regulation

US tech stocks made a recovery on Tuesday afternoon after a selloff spooked investors over AI spending.

Tuesday’s midterm elections didn’t appear to have a huge impact on Wall Street, though investors are predicting Democrats get at least a majority in the House and potentially gain seats in the Senate, which could lead to more AI regulation.

Harris poll for Guardian finds 76% believe officials care more about self-enrichment than helping everyday Americans

Government corruption has emerged as a top issue in the upcoming US midterm elections, with an overwhelming majority of Americans saying US government officials use their public office for personal financial gain, according to an exclusive Harris poll for the Guardian.

Nearly nine out of 10 Americans said that government corruption, as defined as elected officials putting their own or their donors’ financial interests ahead of the public’s, is a problem, according to the survey.

Commerce department data contrasts with sharp deterioration in consumer sentiment as midterms loom

The US economy grew faster than expected in the third quarter while inflation accelerated in September, according to new commerce department data released on Thursday, less than a week before the midterm elections that will determine control of Congress.

Gross domestic product (GDP) increased at a 3.4% annualized rate last quarter, the commerce department’s ⁠bureau of economic analysis said in its advance estimate of the third-quarter GDP on Thursday. Economists polled by Reuters had forecast GDP advancing at a 3.2% pace.