The U.S. added only 29,000 jobs in September as job market lacks spark
The U.S. labor market showed significant cooling in September, with only 29,000 jobs added and a slight increase in the unemployment rate to 4.2%. Wage growth remains sluggish, failing to keep pace with inflation and putting pressure on household purchasing power.
Why it matters
The weak jobs report suggests a slowing economy, which may influence the Federal Reserve to pause further interest rate hikes to avoid stifling growth.
The U.S. job market showed signs of weakness in September as hiring slowed and the unemployment rate inched higher.
Economy Ever wonder how the Fed's interest rate actually works? We've got answers A report from the Labor Department Friday shows employers added just 29,000 jobs last month — far fewer than forecasters had expected. Job gains for July and August were also revised down by a total of 60,000 pushing July's job totals into the red.
The September report doesn't show widespread job cuts, although financial services and government shed workers. Most industries continued to add workers, but at a slow pace. Even health care, which has been a steady source of employment gains, added just 17,000 jobs last month.
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