Daily Bread for 10.7.22: National Jobs Numbers Still Strong

Good morning.

Friday in Whitewater will be partly sunny with a high of 53. Sunrise is 6:59 AM and sunset 6:24 PM for 11h 24m 55s of daytime. The moon is a waxing gibbous with 94.5% of its visible disk illuminated.

On this day in 1774, Wisconsin Becomes Part of Quebec:

On this date Britain passed the Quebec Act, making Wisconsin part of the province of Quebec. Enacted by George III, the act restored the French form of civil law to the region. The Thirteen Colonies considered the Quebec Act as one of the “Intolerable Acts,” as it nullified Western claims of the coast colonies by extending the boundaries of the province of Quebec to the Ohio River on the south and to the Mississippi River on the west.

U.S. Job Growth Cools but Remains Solid:

The labor market remained strong in September, showing its resilience. But the persistent strength in hiring also underscored the challenges facing the Federal Reserve as it tries to curtail job growth enough to tame inflation.

Employers added 263,000 jobs last month on a seasonally adjusted basis, the Labor Department said Friday. That was down from 315,000 in August. The unemployment rate fell to 3.5 percent, from 3.7 percent a month earlier.

“If I had just woken up from a really long nap and seen these numbers, I would conclude that we still have one of the strongest job markets that we’ve ever enjoyed,” said Carl Tannenbaum, chief economist at Northern Trust.

Labor participation was little changed in September, at 62.3 percent, around where it has hovered for the duration of the year but still below where it was before the pandemic. Wages rose 0.3 percent, matching the prior month’s gain.

The Federal Reserve’s next rate decision is scheduled for Nov. 2, and officials have emphasized that the central bank is watching the jobs data closely as they determine how aggressive to be. They are eager to see evidence that interest-rate increases are cooling off a frenzied labor market, but not enough to tip the economy into a recession. For months, job growth defied expectations, as employers continued to add workers despite increased borrowing costs.

Ukraine rights group learns of Nobel Peace Prize win:

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