U.S. Employers Keep Hiring Briskly Even In Face Of Rate Hikes

The US added 261,000 jobs last month, surpassing the expected 200,000, but the unemployment rate rose to 3.7%. Despite this, Wall Street reacted positively, with the Dow increasing by 450 points. The job gains were mainly in healthcare, professional services, and manufacturing. This report is significant as it precedes the midterm elections, where inflation is a key issue. The Federal Reserve recently raised interest rates, and Fed Chair Jerome Powell indicated that inflation might not decrease until the labor market weakens. The Fed is expected to raise rates again in December, but the duration of rate hikes remains uncertain.

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