U.S. Hiring Slows a Little As Fed Lowers Interest Rates — Conference Board

By Joshua Kirby

U.S. hiring slowed down a little last month, according to a monthly trends index that contradicts other signs of strength in the labor market.

The Conference Board's employment trends index's inched lower in September to 108.48 from 109.54 in August, the private-research group said Monday.

Despite the index's steady decline, the overall employment picture remains strong, said Mitchell Barnes, an economist at The Conference Board. The index remains around the levels of 2018-2019, a time of strength in the U.S. jobs market before the Covid-19 pandemic hit the economy hard.

It comes after government data showed hiring steamed ahead over the month, with more than 250,000 jobs added to the economy. That was well beyond the 150,000 expected by economists as unemployment fell, suggesting that the Federal Reserve's half-point cut in September is already boosting the jobs market and lessening the chances of a hard landing from the inflation crisis of the last couple of years.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

October 07, 2024 10:28 ET (14:28 GMT)

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