U.S. employers added just 29,000 jobs in September, well below forecasts of roughly 84,000 to 89,000 and down sharply from August’s revised 133,000 gain. The unemployment rate rose to 4.2%, and revisions cut July and August payrolls by a combined 60,000 jobs, with July’s modest gain revised to a loss. Hiring was largely flat across industries: health care was among the few notable sources of gains, while financial activities continued to lose jobs; average hourly earnings rose 0.1% for the month and 3% year over year. The report points to a cooling labor market, though some analysts said a calendar quirk may have contributed to September’s weakness and cautioned against reading it as a major shift. Released ahead of the midterm elections amid concerns about inflation and affordability, the data add uncertainty to the Federal Reserve’s decisions on further interest-rate increases.
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