US jobs market slows significantly in September
Employers added 29,000 jobs as unemployment rate ticks up to 4.2%
Quick Look
- The US labor market experienced a sharp slowdown in September, with only 29,000 jobs added compared to 133,000 in August.
- The unemployment rate rose to 4.2%, signaling a cooling economy that may influence future Federal Reserve interest rate decisions.
AI-generated summary
Why It Matters
The report serves as the final jobs update before the upcoming midterm elections. August job figures were revised to 133,000.
The US jobs market saw a sharp slowdown in September, with employers adding just 29,000 jobs in the final update before the midterm elections.
Headcounts were little changed in major sectors from tech to retail as hiring fell significantly from August, according to figures from the Bureau of Labor Statistics (BLS).
Meanwhile, the unemployment rate rose slightly from 4.1% in August to 4.2% in September.
The figures signal a cooling US economy, which experts said reduced the likelihood of a series of further interest rate hikes by the Federal Reserve.
The 29,000 jobs created in September was down from a figure of 133,000 in August, according to revised BLS figures for the month.
Open Questions
- Will the Federal Reserve pause interest rate hikes?
- How will voters react to the cooling labor market?
