US added just 29,000 jobs in September in sharp drop from last month’s gains

US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, in the final jobs report before the midterm election.

The country’s unemployment rate rose slightly to 4.2%, according to the latest data from the US Bureau of Labor Statistics. The numbers were just a fraction of economists’ expectations of just under 70,000 new jobs.

Earlier jobs figures were also revised down. Initial reports from July and August were altogether revised down 60,000. The labor market contracted by 10,000 jobs in July after revisions, while August saw 133,000 jobs added.

Though job growth slumped over the summer – the labor market unexpectedly contracted in July and figures in June and May were revised sharply down from initial reports – 162,000 jobs were added in August, the highest since March.

The unemployment rate has also remained at its lowest levels since last year when it hit 4.5% in November. US jobless claims also inched lower for the fourth week in a row, the labor department said on Thursday.

Job openings and the number of hires have also remained little changed in August, according to the recent data from the labor department, as the “slow-hire, slow-fire” job market continues.

The labor market has remained strong this year even as the US-Israel war on Iran has upped inflation, especially energy prices. Last month, the Federal Reserve raised interest rates for the first time in three years, citing higher prices.

At the time, Fed chair Kevin Warsh emphasized the strength of the US labor market, which “is basically running consistent with full employment”, but he noted that “inflation is too high and has been for too long”.

Investors are hopeful that the Fed won’t hike rates again later this month after a commerce department report showed a softer-than-expected reading on inflation.

But higher prices continue to be the biggest economic pain point for Americans. Mortgage rates accelerated to their highest level in three years on Thursday from 7% to 7.28%, the largest weekly jump since 2022. The 10-year treasury yield, which underpins mortgages and other loans, also reached a 24-year high as the recent global bond sell-off continued. Meanwhile, higher oil prices have cost Americans an estimated $936 per household.

Read the full story at BBC ↗ · The Guardian ↗

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…

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US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, in the final jobs report before the midterm election.

The country’s unemployment rate rose slightly to 4.2%, according to the latest data from the US Bureau of Labor Statistics. The numbers were just a fraction of economists’ expectations of just under 70,000 new jobs.

Earlier jobs figures were also revised down. Initial reports from July and August were altogether revised down 60,000. The labor market contracted by 10,000 jobs in July after revisions, while August saw 133,000 jobs added.

Though job growth slumped over the summer – the labor market unexpectedly contracted in July and figures in June and May were revised sharply down from initial reports – 162,000 jobs were added in August, the highest since March.

The unemployment rate has also remained at its lowest levels since last year when it hit 4.5% in November. US jobless claims also inched lower for the fourth week in a row, the labor department said on Thursday.

Job openings and the number of hires have also remained little changed in August, according to the recent data from the labor department, as the “slow-hire, slow-fire” job market continues.

The labor market has remained strong this year even as the US-Israel war on Iran has upped inflation, especially energy prices. Last month, the Federal Reserve raised interest rates for the first time in three years, citing higher prices.

At the time, Fed chair Kevin Warsh emphasized the strength of the US labor market, which “is basically running consistent with full employment”, but he noted that “inflation is too high and has been for too long”.

Investors are hopeful that the Fed won’t hike rates again later this month after a commerce department report showed a softer-than-expected reading on inflation.

But higher prices continue to be the biggest economic pain point for Americans. Mortgage rates accelerated to their highest level in three years on Thursday from 7% to 7.28%, the largest weekly jump since 2022. The 10-year treasury yield, which underpins mortgages and other loans, also reached a 24-year high as the recent global bond sell-off continued. Meanwhile, higher oil prices have cost Americans an estimated $936 per household.

Read the full story at BBC ↗ · The Guardian ↗

US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, in the final jobs report before the midterm election.

The country’s unemployment rate rose slightly to 4.2%, according to the latest data from the US Bureau of Labor Statistics. The numbers were just a fraction of economists’ expectations of just under 70,000 new jobs.

Earlier jobs figures were also revised down. Initial reports from July and August were altogether revised down 60,000. The labor market contracted by 10,000 jobs in July after revisions, while August saw 133,000 jobs added.

Though job growth slumped over the summer – the labor market unexpectedly contracted in July and figures in June and May were revised sharply down from initial reports – 162,000 jobs were added in August, the highest since March.

The unemployment rate has also remained at its lowest levels since last year when it hit 4.5% in November. US jobless claims also inched lower for the fourth week in a row, the labor department said on Thursday.

Job openings and the number of hires have also remained little changed in August, according to the recent data from the labor department, as the “slow-hire, slow-fire” job market continues.

The labor market has remained strong this year even as the US-Israel war on Iran has upped inflation, especially energy prices. Last month, the Federal Reserve raised interest rates for the first time in three years, citing higher prices.

At the time, Fed chair Kevin Warsh emphasized the strength of the US labor market, which “is basically running consistent with full employment”, but he noted that “inflation is too high and has been for too long”.

Investors are hopeful that the Fed won’t hike rates again later this month after a commerce department report showed a softer-than-expected reading on inflation.

But higher prices continue to be the biggest economic pain point for Americans. Mortgage rates accelerated to their highest level in three years on Thursday from 7% to 7.28%, the largest weekly jump since 2022. The 10-year treasury yield, which underpins mortgages and other loans, also reached a 24-year high as the recent global bond sell-off continued. Meanwhile, higher oil prices have cost Americans an estimated $936 per household.

Read the full story at BBC ↗ · The Guardian ↗

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• 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…