(NewsNation) — The Federal Reserve didn't need official jobs data to justify another rate cut, as other indicators continue to point to a cooling labor market.

The Fed announced another quarter-point cut Wednesday — the second in six weeks — bringing the central bank's benchmark interest rate to its lowest level since November 2022.

"Job gains have slowed significantly since earlier in the year," Fed Chair Jerome Powell said Wednesday, also noting the outlook has hardly changed since September's meeting.

Powell added that while labor demand has "clearly softened," the available evidence suggests "both layoffs and hiring remain low."

The rate cut came despite an ongoing data blackout caused by the government shutdown, which has made it harder for officials to gauge the economy's directi

See Full Page