Fed On Track for Rate Cut After Weak Jobs Data, Hiring Markdowns
A weak October employment report keeps Federal Reserve officials on track to cut interest rates by a quarter point when they meet next week and gives them room to continue lowering borrowing costs.
Nonfarm payrolls increased just 12,000 last month, but the figures were likely distorted by two hurricanes and a major strike at Boeing Co., the Bureau of Labor Statistics said. Hiring in August and September, however, were weaker than previously estimated, according to data released Friday, while the unemployment rate held steady at 4.1%.
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