Economists have viewed the labour market as being in a “slow hire, slow fire” mode. Economists have viewed the labour market as being in a “slow hire, slow fire” mode. The unemployment rate fell to 4.1 per cent from 4.2 per cent in June as the labour force participation rate declined further. Prior to the report, financial markets anticipated a September interest rate hike from the Fed. The US central bank last week left its benchmark overnight interest rate in the 3.5 to 3.75 per cent range.