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Job growth fell short of expectations in September as efforts by the Federal Reserve to slow inflation took their toll on hiring, the Labor Department reported Friday. Nonfarm payrolls increased by 263,000 for the month, compared to the Dow Jones estimate of 275,000. The unemployment rate was 3.5% versus the forecast of 3.7%. September’s payroll figure marked a deceleration from the 315,000 gain in August and tied for the lowest monthly increase since April 2021. In the closely watched wage numbers, average hourly earnings rose 0.3% on the month, in line with estimates, and 5% from a year ago, an increase that is still well above the pre-pandemic norm but 0.1 percentage point below the forecast. Stock market futures moved lower after the release while government bond yields rose. From a sector view, leisure and hospitality led the gains with an increase of 83,000, a gain that still left the industry 1.1 million jobs short of its February 2020 pre-pandemic levels. Elsewhere, health car...

Hinterhaus Productions | Getty Images There are signs the hot job market is cooling — but workers still have bargaining power for now, according to labor economists. Job openings, a barometer of employers' demand for workers, saw a near-record monthly decline in August. Openings fell by 1.1 million to 10.1 million, according to U.S. Department of Labor data issued Tuesday — a monthly decrease eclipsed only by April 2020, in the early days of the pandemic, when they fell by roughly 1.2 million. The Federal Reserve is raising borrowing costs for consumers and businesses to pump the brakes on the U.S. economy and reduce inflation. Central bank officials hope that a cooling labor market will translate to lower wage growth, which has been running at its highest pace in decades and contributes to inflation. More from Personal Finance: CNBC ranks the top-rated financial advisory firms of 2022 This is the best time to apply for college financial aid Parents who missed out on $3,600 child t...