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U.S. employment growth slows, jobless at 4.2%
The U.S. labor market experienced only modest growth in September, with non-farm payrolls increasing by just 29,000 jobs, compared to expectations of about 90,000 jobs added. This figure is the lowest in recent months. However, there were no widespread signs of layoffs, as weekly jobless claims remain near their 57-year lows, supported by strong corporate profits and resilient domestic demand. The unemployment rate stands at 4.2%, a low level, but rising geopolitical tensions, particularly with Iran, along with increasing energy prices, are expected to have negative effects on the job market in the coming months. The Federal Reserve raised interest rates to a range of 3.75-4.00% in October, with expectations of future increases, although the likelihood of further hikes this month has decreased following signs of slowing inflation.
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