US jobs data revised lower after Fed rate hike

Key points

• The US Bureau of Labor Statistics cut previously reported July and August job gains by 60,000, turning July's reported 21,000 gain into a 10,000 loss.
• The earlier, more optimistic figures contributed to the Federal Reserve's September 16 benchmark rate hike, its first increase in three years, according to the article.
• September added only 29,000 jobs versus an 84,000 forecast with unemployment at 4.2%, while 16 of 18 FOMC members expected another hike this year.

AI summary of Protos’s report, written only from the publisher’s text. Read the original for full context.