Unemployment rate falls to 3.5% in September, payrolls rise by 263,000 as job market stays strong

Job growth fell just short of expectations in September and the unemployment rate declined despite efforts by the Federal Reserve to slow the economy, the Labor Department reported Friday.

Nonfarm payrolls increased 263,000 for the month, compared with the Dow Jones estimate of 275,000.

The unemployment rate was 3.5% versus the forecast of 3.7% as the labor force participation rate edged lower to 62.3% and the size of the labor force decreased…