Employers added 263,000 jobs in September despite an overall slow in hiring.
Last month, hourly wages rose 5% from a year earlier, the slowest year-over-year pace since December but still hotter than the Fed would want. The proportion of Americans who either have a job or are looking for one slipped slightly, a disappointment for those hoping that more people would enter the labor force and help ease worker shortages and upward pressure on wages.
The public anxiety that has arisen over high prices and the prospect of a recession is also carrying political consequences as President Joe Biden’s Democratic Party struggles to maintain control of Congress in November’s midterm elections. Fed Chair Jerome Powell has warned bluntly that the inflation fight will “bring some pain,” notably in the form of layoffs and higher unemployment. Some economists remain hopeful that despite the persistent inflation pressures, the Fed will still manage to achieve a so-called soft landing: Slowing growth enough to tame inflation, without going so far as to tip the economy into recession.
Last month’s decline in unemployment was widely shared across demographic groups. The jobless rate for Hispanics tumbled to 3.8%, the lowest level in government records dating to 1973. Unemployment for Black Americans also fell, from 6% in August to 5.8% in September, still above its record low of 5.1% in November 2019.
“There are opportunities out there,’’ she said. “Employers and job seekers are trying to find the right balance’' between work and home life. She said she can afford to wait for just the right position because she has two part-time teaching jobs.Friday’s government report underscored how resilient the job market remains even if it may be slowing.
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Another month of solid US hiring suggests more big Fed hikesAmerica’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation. us hiring kprc2 jobs
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Another month of solid US hiring suggests more big Fed hikesAmerica’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
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Another month of solid U.S. hiring suggests more big Fed interest-rate hikesAmerica’s employers slowed their hiring in September, but still added 263,000 jobs. It's a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively.
Read more »
Another month of solid US hiring suggests more big Fed hikesAmerica’s employers slowed their hiring in September but still added 263,000 jobs, a solid figure that will likely keep the Federal Reserve on pace to keep raising interest rates aggressively to fight persistently high inflation.
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Another month of solid US hiring suggests more big Fed hikesSeptember’s job growth was likely too robust to satisfy the central bank’s inflation fighters.
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