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Business

Hiring slows but Wall St. sticks to December rate hike bet

Opening sequence

Opening sequence

Business

Hiring slows but Wall St. sticks to December rate hike bet

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COMING UP:Hiring slows but Wall St. sticks to December rate hike bet

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Transcript

00:00:01
>> Mixed signals from the labor market means a rate hike this year may or may not happen. I'm Conway Gittens in New York. The Labor Department announcing Friday the US economy added 156,000 new jobs in the month of September. That was below market expectations, and marks the third straight month of slower job growth.
00:00:21
But there is some good news for American workers. Paychecks were fatter. Average earnings moved closer to $26 an hour. When you look at paychecks over the past 12 months, Americans are making significantly more than they were the same time a year ago. Higher wages may be one thing luring Americans back to the workforce.
00:00:40
With more people returning to the job hunt, the unemployment rate ticked up to 5%. So, what does that mean for the Federal Reserve? Most policy makers want to raise rates and are looking for a reason to do so. Economists say the number is still strong enough to warrant a rate hike later this year, but it does give room for a cautious Fed to maybe wait until next year.
00:01:03
The Federal Reserve, under attack from Republican, Donald Trump, not expected to raise rates at it's November meeting because it's too close to the election, that leaves December in play. There are two more jobs reports before that meeting.