Slowing US employment growth likely to spur fourth consecutive 0.75% Fed hike

Unemployment rate edges down to 3.5%

US unemployment growth slowed in September but the unemployment rate unexpectedly edged down, raising expectations the Federal Reserve will continue its pace of monetary tightening.

The US added 263,000 positions last month, according to the Bureau of Labor Statistics, fewer than the 315,000 positions created in August and well below July's 537,000 rise.  Despite the slower pace of growth, the unemployment rate fell to its pre-pandemic low of 3.5% as the number of Americans either employed or seeking a job slightly dropped. "While job growth is slowing, the US economy remains far too hot for the Fed to achieve its inflation target," said Ronald Temple, co-head of multi-asset and head of US equity at Lazard AM. "The path to a soft landing keeps getting more cha...