By Dan Calabrese ——Bio and Archives--October 7, 2016
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U.S. employment growth unexpectedly slowed for the third straight month in September and the jobless rate rose, which could make the Federal Reserve more cautious about raising interest rates. Nonfarm payrolls rose 156,000, down from a gain of 167,000 jobs in August, the Labor Department said on Friday, while the unemployment rate ticked up a tenth of a percentage point to 5.0 percent as more Americans rejoined the labor force. The data suggested the economy was on firm ground, but not growing so swiftly as to knock the Fed off its game plan of raising borrowing costs only gradually. "It's an economy that is doing okay. It's not necessarily accelerating, but it's certainly doing okay," said Jonathan Lewis, chief investment officer at Fiera Capital in New York. On balance, the job market continues to improve, which could be an asset for Democratic presidential candidate Hillary Clinton in the Nov. 8 U.S. election. She has argued that the Obama administration's policies have helped the economy create millions of jobs.
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