BREAKING NEWS – US adds 263,000 jobs in September: Good news for Biden as jobs report BEATS expectations, unemployment falls to 3.5%
- The jobs report from September came in better than expected
- The economy added 263,000 jobs last month and the unemployment rate fell to 3.5%
- Lower numbers are better for Biden and the Fed Reserve in the fight against inflation
- Biden heads to Hagerstown, Md, on Friday to talk the economy
The September jobs report came in better than expected for President Joe Biden and the Federal Reserve, the low number a good sign in the fight against inflation.
The economy added 263,000 jobs last month and the unemployment rate fell to 3.5%, the Bureau of Labor and Statistics announced Friday.
The news arrived ahead of Biden’s trip to Hagerstown, Md., to discuss the economy.
Economists and the Federal Reserve are keeping an eye on the jobs numbers closing in on signs that the market may be cooling.
Forecasts were for U.S. employers to add about 250,000 jobs last month, in line with August’s gain of 315,000 jobs.
For months, there have been more jobs than unemployed workers, driving up wages. The Fed, which is trying to bring down record inflation levels, wants to see more balance.
The September jobs report came in better than expected for President Joe Biden and the Federal Reserve, the low number a good sign in the fight against inflation
The stock market is also keeping a close eye on employment figures in September for signs of what the central bank might do in its tightening campaign.
The US has now replaced all the jobs lost in the first months of the pandemic.
But labor shortages and supply chain issues have made it difficult for companies to keep up with customer demands.
As a result, prices have risen – in August they were up 8.3% from a year ago.
In an effort to curb inflation, the Fed has aggressively raised interest rates, which has increased the cost of mortgages and car loans.
U.S. mortgage rates rose for a seventh straight week to 6.75 percent this week, the highest in 16 years, causing a drop in home loan applications.
Federal Reserve Chairman Jerome Powell and his board will close and watch September jobs numbers as they struggle to rein in inflation
The Fed’s next interest rate decision is scheduled for November 2.
The central bank has raised interest rates four times this year, with an interest rate of almost 0 percent in February now at 3.25 percent.
September’s report is also the penultimate before November’s election to determine control of Congress. Expect both parties to spin the data against their argument they are the best stewards of the economy.
Voters rank inflation and the economy among their top concerns.