US economy adds 199,000 jobs as unemployment rate falls slightly

Jobless rate down to 3.7% as world’s largest economy grapples with interest rates and American policymakers plot next moves

The US workforce added 199,000 jobs last month as the world’s largest economy continues to grapple with higher interest rates.

Employment growth has been fading this year after the Federal Reserve launched an aggressive campaign to pull back inflation from its highest levels in a generation. Official data has bolstered hopes that the central bank will manage to guide the US economy to a so-called “soft landing”, where price growth normalises and recession is avoided.

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