U.S. labor market slows with midterms on the horizon - NBC News
The U.S. labor market showed significant weakness in September, with job growth falling well below expectations and unemployment rising to 4.2%. The report arrives just before the midterm elections, potentially impacting the political landscape.
Why it matters
Economic data is a critical factor for voters and policymakers, and this report provides a negative outlook on the current administration's economic performance.
The U.S. labor market slowed during the month of September, according to new data Friday from the Bureau of Labor Statistics. The economy added only 29,000 jobs, fewer than expected by economists. The unemployment rate rose to 4.2%. Average hourly earnings for workers rose only 0.1% from the prior month and 3% from a year ago. Friday’s data marks the sixth straight month of wages tracking below inflation. BLS will report September inflation numbers on Oct. 14. Additionally, 60,000 jobs were revised out of previous months’ initial readings. “The change in total nonfarm payroll employment for July was revised down by 31,000, from +21,000 to -10,000, and the change for August was revised down by 29,000, from +162,000 to +133,000,” the BLS said in a statement.
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