US Economy Adds More Jobs, Unemployment Rate Falls to 4.1%

The US job rate rose in September, and the unemployment rate fell to 4.1 percent, further reducing the need for the Federal Reserve (the US central bank) to continue cutting interest rates by large percentages in its next two meetings this year. The Bureau of Labor Statistics of the US Department of Labor stated in a report issued Friday that non-farm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 jobs in August. Economists expected jobs to rise by 140,000 jobs after rising by 142,000 jobs in August. In turn, the unemployment rate fell from 4.2 percent in August, and jumped from 3.4 percent in April 2023, due in part to an increase in the number of unemployed people aged between 16 and 24 and a rise in temporary layoffs during the annual closures of auto factories in July. The US Federal Reserve began the monetary easing cycle with a large interest rate cut of half a percentage point last month. Source: Qatar News Agency