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US job growth slows sharply in Sept; unemployment rate falls to 3.7%

Payrolls are calculated from a survey of employers, which treats any worker who was not paid for any part of the pay period that includes the 12th of the month as unemployed

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US job growth slowed sharply in September likely as Hurricane Florence depressed restaurant and retail payrolls, but the unemployment rate fell to near a 49-year low of 3.7 per cent, pointing to a further tightening in labor market conditions. The Labor Department's closely watched monthly employment report on Friday also showed a steady rise in wages, suggesting moderate inflation pressures, which could ease concerns about the economy overheating and keep the Federal Reserve on a path of gradual interest rate increases. Nonfarm payrolls increased by 134,000 jobs last month, ...

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First Published: Fri, October 05 2018. 18:52 IST