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September jobs report could solidify another super-sized Fed rate hike
US job growth slows in September with 263,000 positions added
Labor Department reports that 263,000 jobs were added the economy as the unemployment rate comes in at 3.5 percent.
U.S. job growth softened in September for the second straight month, but hiring likely remained healthy enough for the Federal Reserve to approve another jumbo interest rate hike when it meets in November.
Employers added 263,000 jobs in September, the Labor Department said in its monthly payroll report released Friday, beating the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, unexpectedly dropped to 3.5%, matching a five-decade low, from 3.7% the previous month.
Average hourly earnings also continued to rise, climbing 0.3% in September, to $32.46 an hour.
The report is the latest evidence of the continued strength of the labor market, despite headwinds from higher interest rates, inflation and growing fears of a global recession; it will almost certainly keep pressure on the Fed to maintain its aggressive rate hike trajectory as it tries to cool the economy and wrangle inflation under control.
US JOB GROWTH SLOWS AGAIN IN SEPTEMBER WITH JUST 263,000 POSITIONS ADDED