The Labour Department reported the unemployment rate fell to 3.5%, lower than expectations of 3.7%, in an economy that continues to show resilience despite the Fed’s efforts to bring down high inflation by weakening growth.
The job gains, lower unemployment rate and continued healthy wage growth point to a labour market Fed officials will likely still see as keeping inflation too high. “This was a classic case of good news is bad news,” he said. “The market took the good news of the robust labor market report and turned it into an ever-more vigilant Fed and therefore potentially higher risks of a recession next year.”
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