The US Bureau of Labor Statistics (BLS) slashed the job gains it reported for July and August by a combined 60,000, numbers that had factored into the Federal Reserve’s decision to raise interest rates on September 16. The central bank made its first rate hike in three years based on data that proved inaccurate: July’s figure was revised from a gain of 21,000 to a loss of 10,000, while August was cut by 29,000. In September, US employers added only 29,000 jobs against a forecast of 84,000, with the unemployment rate rising to 4.2%. Following these revisions, the Fed’s outlook for further rate hikes before year-end is now under scrutiny.
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