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U.S. corporate profits have risen to record levels this year as companies eliminated nearly 1 million jobs. Chen Zhao of Alpine Macro calls the disconnect a "jobless boom." Companies typically cut workers when profits decline. Amazon laid off 30,000 employees despite strong earnings. Zhao attributes the pattern to AI adoption boosting productivity across industries while reducing demand for workers. Labor demand has fallen to zero growth or mild contraction. The Federal Reserve lowered interest rates in September and October after Jerome Powell noted concerns about layoff announcements from large employers. The Department of Labor suspended monthly employment reports when the government shutdown began October 1. ADP reported private employers added 42,000 workers in October. The unemployment rate stood at 4.3% in August. The rate has remained stable because the labor pool is contracting due to baby boomer retirements and reduced immigration under Trump administration policies. Art Papas of Bullhorn disputes the AI explanation and argues companies are recalibrating after pandemic overhiring.

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An anonymous reader shares a report: Amazon on Friday expanded the reach of its low-cost ecommerce service to 14 additional markets and will call it Amazon Bazaar, as part of a push to compete with Chinese rivals including Shein and PDD Holding's Temu. The expansion of the service comes at a time when U.S. President Donald Trump's sweeping import tariffs are denting consumer sentiment, especially of lower-income groups, who are on a constant hunt for cheaper deals.

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