Friday’s data suggest the U.S. labour market remains strong enough for the Federal Reserve to raise interest rates this year
U.S. job growth surged in September, suggesting that the labour market remains strong enough for the Federal Reserve to raise interest rates this year, though wage growth is moderating.
The economy needs to create roughly 100,000 per month to keep up with growth in the working-age population. There was no impact on payrolls from a strike by the United Auto Workers at General Motors, Ford Motor and Chrysler parent Stellantis. The strike by roughly 25,700 of the 146,000 UAW members started towards the end of week that the government surveyed businesses for September’s employment report.
Wages are still rising faster than the 3.5 per cent pace that economists say is consistent with the Fed’s 2 per cent inflation target.
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