Economists Estimate 170,000 Jobs Added in September as Labor Market Shows Signs of Cooling

Economists estimate approximately 170,000 jobs were added in September. Closely monitoring changes in unemployment and wage growth.

According to U.S. Bank Asset Management CIO Eric Freedman, labor market resilience due to stickiness of employer demand for workers. Tough hiring environment for small businesses.

Wage growth still risked to upside rather than downside. Trend of slower rate of increase is what Fed wants to see.

Rate of change in wages not great enough, concerning markets. Persistent inflationary environment.

Job openings to job demand ratio narrowed from 21 to 1.41. Progress toward labor market normalization but not enough for subdued wage growth yet.