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% US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, and unemployment rose slightly to 4.2%, a sign of a cooling labor market in the final jobs report before the midterm election. The numbers were under half of economists’ expectations of just under 70,000…
The US added a mere 29,000 jobs in September, marking a significant drop from the previous month's gains, according to the final jobs report ahead of the midterm elections. The unemployment rate inched upward to 4.2%, indicating a cooling labor market before the crucial election. The numbers were far below economists' expectations of nearly 70,000 new jobs.
Most of the job gains were centered in the healthcare sector, adding 17,000 positions, while the information, financial, and professional industries experienced losses. The labor market contracted by 10,000 jobs in July following revisions, while August saw an increase of 133,000 jobs. However, the average hourly earnings growth slowed to 3%, the lowest in over five years.
Unemployment rates have remained relatively stable since last year, peaking at 4.5% in November. While the overall labor market appears robust, disparities exist among different demographics. Unemployment among Black Americans surged to 7%, twice the rate of white Americans. Despite a slower summer, August saw 162,000 jobs added, the highest since March.
Private employers added 90,000 new jobs, with growth primarily in healthcare, education, and hospitality industries. Nevertheless, the Fed's decision to raise interest rates due to rising inflation, particularly energy prices, and mortgage rates reaching a three-year high have added to the economic concerns of Americans.
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