Reuters
Individual Analyses of Bias in Reuters Articles
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REUTERS/Brian Snyder
U.S. employers hired more workers than expected in September, while the unemployment rate dropped to 3.5%, pointing to a tight labor market which keeps the Federal Reserve on its aggressive monetary policy tightening campaign for a while.
Though the 0.2 point decline in the jobless rate from 3.7% in August was partly because of people leaving the workforce, the Labor Department's closely watched employment report on Friday also showed fewer Americans working part-time for economic reasons last month. The labor market continues to show resilience despite the Fed's stiff interest rate hikes.
"The labor market isn't just rolling along, it's a virtual steam-roller that does nothing to slow economic demand and help the Fed in its inflation fight," said Christopher Rupkey, chief economist at FWDBONDS in New York.