Unemployment climbed to 4.2% as employment growth slowed in September.
Geoff Bennett noted that the September report shows U.S. hiring slowing, with employers adding just 29,000 jobs, fewer than economists had expected. She added that job growth has been broadening out. Beth Hammack highlighted conversations with individuals in the district, noting the challenge of wages not keeping pace with inflation and rising costs of goods.
Amna Nawaz pointed out that wage growth is also catching attention. Amna Nawaz described the current labor market as a low-hire, low-fire environment. She suggested that the current state of the labor market may depend more on individual circumstances than on broader trends.