U.S. added disappointing 29,000 jobs in September
The U.S. economy added only 29,000 jobs in September, significantly missing expectations and raising concerns about the labor market's health. This data complicates the Federal Reserve's interest rate strategy as they balance inflation control with employment mandates.
Why it matters
Weak job growth ahead of midterm elections highlights economic anxiety and influences monetary policy decisions that affect the broader economy.
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 high cost of living and the state of the economy.
Hiring dropped from a revised 133,000 in August, the Labor Department said. The unemployment rate rose to a still-low 4.2% from 4.1% in August.
Economists had expected September payrolls to come in around 90,000.
Labor Department revisions also shaved 60,000 jobs off combined July and August payrolls.
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