U.S. jobless rate falls to 3.5 percent in September

Washington, Oct 9 (Prensa Latina) U.S. labor market has reduced the jobless rate in September to 3.5%, showing positive signs despite generating fewer jobs, according to the Labor Department.

October 9, 2022
10:59

The world’s largest economy added 263,000 new non-farm jobs in September, the weakest figure since April 2021, yet it represents a higher-than-expected figure.

This drop could be a sign that the labor market is starting to slow, after Federal Reserve made five consecutive interest rate hikes ranging 3% to 3.25%, the highest level in 14 years.

This is a measure that will continue over coming months with the aim purpose of controlling domestic inflation.

After 315,000 new jobs in August and 537,000 in July, job creation has averaged so far this year a total of 420,000 per month in 2022, compared to 562,000 per month in 2021.

Likewise, jobless rate, which rebounded in August, fell back to 3.5%, the same as in July and in line with pre-Covid-19 pandemic levels.

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