America's employers slowed their hiring in September but still added a solid 263,000 jobs - a dose of encouraging news that may mean the Federal Reserve's drive to cool the job market and ease inflation is starting to make progress
Friday's government report showed that last month's job growth was down from 315,000 in August and that the unemployment rate fell from 3.7% to 3.5%, matching a half-century low.
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. It's a notoriously difficult task. And the Fed is trying to accomplish it at a perilous time. The global economy, weakened by food shortages and surging energy prices resulting from Russia's war against Ukraine, may be on the brink of recession.
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