US added just 29,000 jobs in September in sharp drop from last month’s gains
Final jobs report before the midterm elections also shows the US unemployment rate rose slightly to 4.2%
TL;DR
- US employers added 29,000 jobs in September, far below economists' expectations.
- The unemployment rate increased slightly to 4.2%.
- Most job gains were in the healthcare industry; other sectors experienced losses.
- Initial job reports for July and August were revised down by a total of 60,000.
- Average hourly earnings growth slowed to 3%, the lowest in over five years.
- Unemployment among Black Americans rose to 7%, double the rate for white Americans.
- Job openings and hires remained largely unchanged in August.
- Private employer data from ADP painted a more optimistic picture with 90,000 jobs added.
- Inflation and energy prices remain concerns, exacerbated by the US-Israel war on Iran.
- Mortgage rates and the 10-year treasury yield have reached multi-year highs.
- Higher oil prices have added significant cost per household.