Unemployment Rate Falls , As Job Market Stays Strong.
In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.
In September, job growth fell short of expectations while the unemployment rate declined despite the Federal Reserve's efforts to slow the United States economy.
NBC reports that nonfarm payrolls rose 263,000 for the month compared to prior Dow Jones estimates of 275,000.
Meanwhile, unemployment hit 3.5% as the labor force participation rate dropped to 62.3% and the size of the labor force shrunk to 57,000. .
The payroll figure for September decelerated and tied for the lowest monthly increase since April of last year.
Depending on your view of
optimism vs. pessimism, on
the economy, there’s a little bit of
something for everyone in this report, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.
Obviously, the market is not happy,
but the market is not happy
in general these days, Liz Ann Sonders, chief investment strategist at Charles Schwab, via NBC.
NBC reports that wage numbers
saw average hourly earnings rise 0.3%
on the month and 5% from a year ago.
The reports comes as the Fed has been making
moves to tackle inflation that's currently running
close to its highest annual rate in over 40 years.
The reports comes as the Fed has been making
moves to tackle inflation that's currently running
close to its highest annual rate in over 40 years.
So far, the U.S. central bank has raised
rates five times this year and is expected
to continue hiking into 2023.
So far, the U.S. central bank has raised
rates five times this year and is expected
to continue hiking into 2023.
According to officials at the Fed, the central bank
is aware that the rake hikes will inflict
"some pain" on consumers and the economy