Job growth fell wanting expectations in September as efforts by the Federal Reserve to slow inflation appeared to take their toll on hiring, the Labor Department reported Friday.
Nonfarm payrolls increased 263,000 for the month, in comparison with the Dow Jones estimate of 275,000. The unemployment rate was 3.5% vs the forecast of three.7% because the labor force participation rate edged lower.
September’s payroll figure marked a deceleration from the 315,000 gain in August and tied for the bottom monthly increase since April 2021.
Within the closely watched wage numbers, average hourly earnings rose 0.3% on the month, in step with estimates, and 5% from a yr ago, a rise that continues to be well above the pre-pandemic norm but 0.1 percentage point below the forecast.
Stock market futures moved lower after the discharge while government bond yields rose.
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