America’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.
But September’s pace of hiring was likely too robust to satisfy the central bank’s inflation fighters.
Likewise, Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said she didn’t expect September’s softer jobs and wage numbers to stop the Fed from raising its benchmark short-term rate in November by an unusually large three-quarters of a point for a fourth consecutive time — and by an additional half-point in December.
In its epic battle to rein in inflation, the Fed has raised its benchmark interest rate five times this year. It is aiming to slow economic growth enough to reduce annual price increases back toward its 2% target.
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