A disappointing employment report for September is a setback for those banking on a Fed rate rise later this year, but has by no means shut the door on a December hike.
The economy once again added jobs at a slower than expected pace and the unemployment rate showed a surprise increase from 4.9% to 5.0%. Non-farm payrolls rose by 156,000 in September, coming in below market expectations of a 175,000 increase.
The rate of job creation has now slowed for three successive months, from June's peak of 271,000. Even with the slowing, this is still a robust rate of job creation, and more than enough to offset population growth.
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