‘Workers growing increasingly anxious’: US adds 29k jobs, far below 90k expected
The US economy added only 29,000 jobs in September, significantly missing the 90,000 expectation, while the unemployment rate ticked up to 4.2%. The slowdown in hiring is attributed to various factors, including government job cuts and potential policy impacts on the workforce.
Why it matters
Weak labor market data often influences Federal Reserve interest rate decisions and serves as a critical indicator of economic health ahead of major elections.
US employers added just 29,000 jobs in September, well below expectations, while the unemployment rate rose to 4.2%, according to government data released on Friday, pointing to a slowdown in hiring as the US heads towards pivotal midterm elections.Hiring fell sharply from a revised 133,000 in August, the labour department said. Economists had expected employers to add around 90,000 jobs last month.Revisions to earlier data also reduced combined July and August payrolls by 60,000 jobs.The unemployment rate increased from 4.1% in August to 4.2%. The rise came partly as 485,000 people entered the workforce in September, with not all of them finding jobs immediately.Average hourly wages rose 3% from a year earlier, marking the smallest year-over-year increase since May 2021.Healthcare hiring slows as governments cut jobsThe September figures showed weaker hiring across several parts of the economy.
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