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Global economic news: US job growth falls ahead of election and Fed meeting

U.S. hiring in October was the weakest since 2020, reflecting the impact of major hurricanes and a strike at Boeing Co.

Nonfarm payrolls rose by 12,000 last month and hiring was weaker than previously thought in the previous two months, suggesting the underlying labor market continues to cool. The data keeps the Federal Reserve on track to cut interest rates by a quarter point next week and is the last major data point on the economy before the U.S. presidential election.