U.S. Jobs Rise While Unemployment Drops, Keeping Pressure on Fed

he U.S. labor market stayed strong in September as the unemployment rate unexpectedly returned to an historic low, leaving the inflation-phobic Federal Reserve on course to deliverNonfarm payrolls increased 263,000 in September after a 315,000 gain in August, a Labor Department report showed Friday. The unemployment rate dropped to 3.5%, matching a five-decade low. Average hourly earnings rose firmly.

The figures are the latest illustration of the perennial strength of the U.S. job market. While there have been some indications of moderating labor demand—most notably a recent decline in job openings and an uptick in layoffs This is the last jobs report Fed officials will have in hand before their November policy meeting as they consider a fourth-straight 75-basis point interest-rate hike. Fresh inflation data out next week will also play a fundamental role in their decision making. The report is projected to show the depth and breadth of the Fed’s inflation problem, with a key gauge of consumer prices potentially worsening.

“With inflation still running high and labor market moderation still tentative, the Fed is in no position to relent yet,” said Derek Tang, an economist at LH Meyer. “Today’s data doesn’t move the needle for November. We see 75 basis points as baked in.”The labor force participation rate—the share of the population that is working or looking for work—eased to 62.3%. Among those ages 25 to 54, it also dipped.The jobs report showed average hourly earnings were up 0.

You can print your own money but the money cant protect you anymore.

Living wages are hard to find....

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