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"They'll create a lot of shock waves, and opportunity. This next year is going to be volatile."

This is the slowest pace of hiring in the United States since 2020, but the unemployment rate remained low, as numbers were distorted by hurricanes and a major strike at Boeing.

Hurricanes and the Boeing strike likely drove payrolls lower in October, but the weak employment report keeps officials on track to reduce interest rates by a quarter point next week.

The spending report bolsters the case for a slower pace of interest rate cuts following last month's outsized reduction.

GDP rose by more than 2.5% for a sixth consecutive quarter, "the longest stretch of such solid growth since 2006."

Boeing union workers, in their seventh week of a strike, are seeking higher wages along with the restoration of the company's pension plan, which has been frozen since 2014.

The world's second-largest asset manager expects the U.S. economy to slow to below-trend growth, but to avoid a recession.

The second-largest U.S. bank sold $3.5 billion of subordinated bonds in a single tranche.