The U.S. Department of Labor reported on Tuesday that 254,000 jobs were added in September, with the unemployment rate decreasing slightly to 4.1% According to the released report, the September jobs data exceeded economists’ expectations, which had predicted the addition of 140,000 jobs and an unemployment rate of 4.2%.
According to a statement released by the White House, U.S. President Joe Biden praised the September jobs report, highlighting that 16 million jobs have been created, unemployment remains low, and wages are growing at a faster pace than prices. Biden added that unemployment is at its lowest level in 50 years, with a record 19 million new businesses created, while inflation and interest rates are declining. He also highlighted the progress in raising workers’ wages, including dockworkers securing record wages and the reopening of East Coast and Gulf ports. The report comes just two weeks after the Federal Reserve opted to cut interest rates for the first time since it began its aggressive rate hike campaign more than two years ago. The US Central Bank cut interest rates by 50 basis points to a range of 4.75% to 5%, as inflation nears the Fed’s target, and the labor market begins to show signs of weakening.
Source: Kuwait News Agency
