The unemployment rate dropped from 3.7% to 3.5%, matching a half-century low. On Wall Street, stocks tumbled Friday morning — a sign that investors foresee more aggressive Fed rate hikes ahead. In its epic battle to rein in inflation, the Fed has raised its benchmark interest rate five times this year. Friday's government report underscored how resilient the job market remains even if it may be slowing. She noted that online sales growth is slowing and that the tight job market appears to be weakening a bit.

Source: Forbes October 07, 2022 18:59 UTC