Employers add 263,000 jobs in September as jobless rate falls to 50-year low

[Hamartia Antidote]

Employers add 263,000 jobs in September as jobless rate falls to 50-year low

The labor market experienced the slowest job growth in 18 months, although the unemployment rate shrank to its lowest level in 50 years.

www.cbsnews.com

Employers added 263,000 jobs last month, the Labor Department said on Friday. It was the slowest month of hiring in 18 months, showing the red-hot job market is cooling slightly as the Federal Reserve hits the brakes on the economy.

The unemployment rate fell to a 50-year low of 3.5% in September as businesses continued to hire from a shrinking pool of workers. The labor participation rate fell slightly, indicating fewer people are working or looking for a job.

While hiring is slowing, investors and economists are looking for evidence that the Federal Reserve's interest rate hikes are having a bigger impact. Instead, the data indicates that the labor market remains tight, with the jobless rate dipping to a five-decade low.

 

[nang2]

Same here in Canada. The problem is that more people simply don't want to work anymore. Called "Great Resignation". https://en.wikipedia.org/wiki/Great_Resignation