
U.S. job growth softened in September for the second straight month, but hiring likely remained healthy enough for the Federal Reserve to approve another jumbo interest rate hike when it meets in November.
Employers added 263,000 jobs in September, the Labor Department said in its monthly payroll report released Friday, beating the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, unexpectedly dropped to 3.5%, matching a five-decade low, from 3.7% the previous month.
Average hourly earnings also continued to rise, climbing 0.3% in September, to $32.46 an hour.