JUST IN: The U.S. economy added 263,000 payrolls in September, while the unemployment rate fell from 3.7% to 3.5% — a half-century low.
Fed officials see slower jobs growth as a welcome development in their war on inflation. They are looking for signs of waning demand across the economy, including in the labor market.
Chair Jerome Powell warned there would be "pain" ahead for households as the Fed tries to bring inflation down.: September's jobs gains were roughly in line with what economists expected. It's a slight slowdown from the 315,000 jobsAverage hourly earnings, a proxy for wage growth, rose by 0.3% in September — the same pace as the prior month.
The share of people working or looking for work, known as the labor force participation rate, was largely unchanged at 62.3%.
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