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File - Visitors attend the Venture Miami Tech Hiring Fair at the Miami-Dade College, Wolfson campus, Wednesday, April 26, 2023, in Miami.The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain that suggests that many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy.
Across the economy last month, most large industries added jobs, from health care, which gained 66,000, to manufacturing, which added 17,000, to retailers, which added nearly 20,000. Professional services, a category that includes engineers and architects, gained 21,000. Government at all levels added 73,000 jobs, reflecting the healthy budgets of most state and local governments.Yet wage growth slowed, with average hourly pay rising just 0.2% from August to September.
On Thursday, Mary Daly, president of the Federal Reserve Bank of San Francisco, had said that the Fed could stop raising rates if the job market kept slowing.“If we continue to see a cooling labor market and inflation heading back to our target, we can hold interest rates steady and let the effects of policy continue to work,” Daly said in remarks to the Economic Club of New York.
The Fed’s benchmark rate stands at a 22-year high of roughly 5.4% after 11 hikes beginning in March 2022. The central bank’s rate increases have led to much higher borrowing costs for consumers and businesses across the economy.On the one hand, Fed officials, including Chair Jerome Powell, have stressed that inflation remains too far above their 2% target and that another rate hike might be needed to slow it to that level.
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