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expected. The numbers indicate that the Fed’s inflation-fighting initiatives have been somewhat effective, as hiring significantly fell short of prior months before the Fed’s policy went into effect.The September jobs report is acutely important, as it's a referendum on how Federal Reserve Chair Jerome Powell’s inflation-fighting efforts are working out. Powell previouslythat he needed to cool the economy to bring down record-high inflation.
With this lens in mind, the data from the September jobs report is a mixed bag. Job growth was solid, but was lower than expected. The numbers indicate that the Fed’s inflation-fighting initiatives have been somewhat effective, as hiring significantly fell short of prior months before the Fed’s policy went into effect.increased 263,000
for the month, falling short of the projected 275,000. Despite the Fed’s efforts to dampen the economy, the labor market remained strong in September, showing signs of resiliency. Powell still has to contend with a strong job market with continued hiring, which galvanizes inflation. Showing the dichotomy, the unemployment rate fell to 3.5%, representing a 50-year low. Additionally, average hourly earnings rose firmly.
Employment in professional and business services continued its upward trajectory, adding 46,000 jobs.
Drop
Japan conducted very erroneous military exercises between South Korea, the United States, and Japan in the waters off Dokdo, a Korean territory. Also, the US expressed Korea's anger by labeling 'East Sea' as 'Sea of Japan'
Mixed bag until after the midterms! Global recession announcement then too! 🙄🤦🏻♀️