In September 2025, U.S. job growth remained sluggish, with only modest gains, and unemployment edged higher. Recent labor revisions pointed to fewer jobs than previously estimated, underscoring a softer employment landscape. Inflation remained above the Fed’s target, though cooling rents suggest some relief ahead. In response to slower job creation, the Federal Reserve delivered a long-awaited rate cut, signaling the beginning of an easing cycle. Despite these headwinds, the broader economy continued to expand at a solid pace, supported by steady consumer spending and underlying private-sector strength.
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