By The Guardian (World News) | Created at 2024-10-04 12:55:13 | Updated at 2024-10-08 00:30:18
3 days ago
American employers added more than 250,000 jobs last month in the penultimate jobs report before the US election, defying fears of a slowdown in the labor market.
Job creation unexpectedly accelerated in September, while the headline unemployment rate slipped to 4.1% from 4.2% in August.
Hiring rose sharply from recent months. In August employers added 159,000 jobs, and in July, they added 144,000.
Both estimates for July August were revised higher by the Bureau of Labor Statistics on Friday, highlighting the strength of the labor market.
As November’s presidential election edges closer, the US economy is a key issue for voters. Earlier this week, a Harris Poll for the Guardian found that Kamala Harris’s economic policies proved more popular than those put forward by Donald Trump in a blind test.
The poll nevertheless highlighted economic pessimism on both sides of the aisle, with almost half of respondents wrongly stating that the US was in recession.
Inflation has fallen dramatically since peaking at its highest level in a generation two summers ago. But concerns over the cost of living continue to loom large, after years of significant price growth.
The US has reached a key juncture. The Federal Reserve cut interest rates for the first time in four years last month, having lifted them to a two-decade high in a bid to cool down the economy as part of its aggressive battle to curb inflation.
Now price growth is falling, policymakers at the Fed are searching for a so-called “soft landing” for their campaign, where inflation is brought back down to typical levels and a broader downturn is avoided.
