U.S. nonfarm payrolls increase by 29,000 in September, less than expected; unemployment rises to 4.2%
Hiring slowed sharply as prior months were revised down by 60,000 jobs and average hourly earnings rose just 3% from a year earlier.
- On Friday, the Bureau of Labor Statistics reported U.S. employers added just 29,000 nonfarm payroll jobs in September, missing forecasts of roughly 90,000. The unemployment rate rose to 4.2%, while July and August payrolls were revised down by a combined 60,000 jobs.
- Economists described a persistent 'low-hire, low-fire' labor market where employers maintain current headcount rather than expand hiring. This structural pattern, despite historically low layoffs, reflects broad stagnation in job creation across the economy.
- Health care led gains with 17,000 jobs added in September, while the financial sector shed 7,000. Average hourly earnings rose 3% over the past year, failing to keep pace with 3.4% inflation and eroding real wages for workers.
- Treasury yields fell to 5.17% on Friday as markets reacted to the weak report. The CME FedWatch tool showed implied odds for an October Federal Reserve rate hike dropped to 17%, down from about 69% a week prior.
- The jobs report arrives one month before the November 3 midterm elections amid mounting economic anxiety. The Conference Board reported consumer confidence fell to its lowest level in more than a decade, reflecting public concerns over job security and rising costs.
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The New York LedgerU.S. hiring slows, unemployment ticks higher with a month remaining before Americans head to polls
WASHINGTON — U.S. employers added a disappointing 29,000 jobs and the unemployment rate ticked up last month, the government reported Friday, a month before voters go to the polls in pivotal midterm elections at a time of discontent over the…
U.S. Economy Adds 29K Jobs, Unemployment 4.2 Percent in September
The U.S. economy added 29,000 jobs in September, according to a new report from the Bureau of Labor Statistics. The unemployment rate remained at 4.2%, showing little change from previous months. The September report shows an economy with signs of slowing, following an average monthly gain of 45,000 over the last year.
Private Sector Adds 46,000 Jobs As Government Payrolls Shrink
Private employers added 46,000 jobs in September, while government payrolls fell by 17,000. The U.S. economy gained 29,000 jobs overall, according to federal figures released Friday. The Bureau of Labor Statistics released the figures in its September employment report. The unemployment rate edged up to 4.2% from 4.1% in August, though the agency described the […]
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