United States: The Job Market Is Holding Up

According to today’s establishment survey, the US economy added 263,000 jobs in September after gains of 315,000 in August and 537,000 in July. The unemployment rate dropped back to 3.5% in September after ticking up 0.2 percentage points in August. Despite cooling slightly, the US labour market remains relatively strong and still shows no sign of an imminent recession. But hiring is expected to slow in the coming months, and we could see job losses in the next year.