The U.S. Bureau of Labor released their September jobs report on Friday. The report stated that 263,000 jobs were added during the month, and unemployment dropped to 3.5%, tying the lowest level in half a century. The largest growth was seen in the hospitality industry, which added 83,000 jobs last month, and the healthcare industry, which added 60,000 jobs. Additionally, the report detailed an increase in hourly wages, growing 0.3% in September to $32.46 an hour.

The strong labor market stroked fears among investors of additional interest rate hikes by the Federal Reserve in their continued efforts to quell inflation. The positive jobs report resulted in stocks losing ground after a week of gains as investors prepare for more interest hikes. Next week, the September consumer price report is releasing, which will offer insight on current inflation levels.

Unemployment figures are calculated by the percentage of Americans who do not have a job but are actively seeking one. Unemployed individuals not currently seeking jobs due to health, retirement, or other factors are not accounted for in the percentages.

The report from the Bureau of Labor was covered by business outlets widely on Friday. Across the spectrum, outlets framed the report in relation to how it would impact stocks, predicting the positive report would solidify a fourth spike in interest rates next month.