The Fed was expected to hike interest rates in September. Don’t bet on that now, economists say.

The Fed was expected to hike interest rates in September. The latest employment figures suggest the labor market may be much weaker than previously thought. The suddenly wobbly job market complicates the Fed’s dual mission of maximizing employment while keeping consumer prices stable. The Fed typically cuts interest rates when the labor market slows sharply because cheaper money stimulates the economy by spurring consumer borrowing and business investment. But whipping inflation back to 2% by raising interest rates gets a whole lot trickier for the Fed if officials also need to prop up a weakening job market with lower rates, according to economists.