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.
The public anxiety that has arisen over high prices and the prospect of a recession is also carrying political consequences as President Joe Biden's Democratic Party struggles to maintain control of Congress in November's midterm elections.A groundbreaking political series, hosted by George Stephanopoulos, bringing viewers inside the top stories of the election campaign each week from an unparalleled, ground-level perspective.
Fed Chair Jerome Powell has warned bluntly that the inflation fight will "bring some pain," notably in the form of layoffs and higher unemployment. Some economists remain hopeful that despite the persistent inflation pressures, the Fed will still manage to achieve a so-called soft landing: Slowing growth enough to tame inflation, without going so far as to tip the economy into recession.
Powell and his colleagues on the Fed's policymaking committee want to see signs that the abundance of available jobs - there's currently an average of 1.7 openings for every unemployed American - will steadily decline. Some encouraging news came this week, when the Labor Department reported that job openings fell by 1.1 million in August to 10.1 million, the fewest since June 2021.
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