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U.S. nonfarm payrolls increase by 29,000 in September, less than expected; unemployment rises to 4.2%
Average hourly earnings rose 0.1% from August and 3% from a year earlier, while 60,000 jobs were revised out of prior months, the BLS said.
- The Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 29,000 in September while the unemployment rate rose to 4.2%, signaling a significant slowdown in labor market activity.
- Revisions removed 60,000 jobs from previous months, and the report fell well below the 84,000 additions economists projected in a Dow Jones survey, revealing softer underlying hiring trends.
- Average hourly earnings grew only 0.1% month-over-month and 3% year-over-year. Treasury bond yields soared to their highest levels since 2002, pushing 30-year fixed mortgage rates as high as 7.6%.
- This BLS report marks the final employment data release before midterm elections, making weaker-than-expected figures likely to intensify political debates over the administration's economic management.
- Economic strain persists as commercial diesel fuel prices remain 70% higher than earlier this year, while gas prices stay 50% above levels from when Israel and Iran began their conflict.
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Coverage Details
Total News Sources13
Leaning Left3Leaning Right2Center6Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 27%
C 55%
R 18%
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