US hiring stayed solid in September as employers add 263,000

WASHINGTON (AP) – America’s employers slowed their hiring in September but still added a solid 263,000 jobs – a dose of encouraging news that may mean the Federal Reserve’s drive to cool the job market and ease inflation is starting to make progress.

Friday’s government report showed that last month’s job growth was down from 315,000 in August and that the unemployment rate fell to 3.5%.

September’s more moderate pace of hiring may be welcomed by the Fed, which is trying to restrain the economy enough to tame the worst inflation in four decades without causing a recession.

Slower job growth would mean less pressure on employers to raise pay and pass those costs on to their customers.

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