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Federal Reserve Chairman Jerome Powell says the link between unemployment and inflation may be resting rather than poised for a revival. The jobless rate’s decline to a 48-year low will put that view to the test.

While unemployment fell more than forecast in September to 3.7%, the lowest since December 1969, average hourly earnings climbed 2.8% from a year earlier, slowing as projected from a 2.9% advance the prior month, a Labor Department report showed Friday. Hiring eased to 134,000, reflecting the fallout from Hurricane Florence, with 299,000 people being away from work due to bad weather.

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