The bean counters are selling that people did find jobs out of one side of their mouthes…
But?
On the other side?
Thge number of people actually working is LESS…
In fact?
Jobless benefits application’s HAS risen…..
The Recession seems to be taking a hold while Inflation is still around….
Employers added 263,000 jobs last month on a seasonally adjusted basis, the Labor Department said Friday. That was down from 315,000 in August. The unemployment rate fell to 3.5 percent, from 3.7 percent a month earlier.
“If I had just woken up from a really long nap and seen these numbers, I would conclude that we still have one of the strongest job markets that we’ve ever enjoyed,” said Carl Tannenbaum, chief economist at Northern Trust.
Labor participation was little changed in September, at 62.3 percent, around where it has hovered for the duration of the year but still below where it was before the pandemic. Wages rose 0.3 percent, matching the prior month’s gain.
The Federal Reserve’s next rate decision is scheduled for Nov. 2, and officials have emphasized that the central bank is watching the jobs data closely as they determine how aggressive to be. They are eager to see evidence that interest-rate increases are cooling off a frenzied labor market, but not enough to tip the economy into a recession. For months, job growth defied expectations, as employers continued to add workers despite increased borrowing costs.
More recently, there have been indications that employers are beginning to rein in hiring. The number of job openings decreasedin August, to 10.1 million from 11.2 million in July. Filings for unemployment benefits last week rose modestly. Companies, including Walmart and Amazon, have announced slowdowns in hiring, while others, including FedEx, have frozen hiring altogether….