Job growth in the United States slowed in September, falling short of economists’ expectations as the unemployment rate rose in the final jobs report before the consequential midterm elections. The US economy added 29,000 jobs in September, according to the Labor Department’s report released on Friday, far below economists’ expectations. Dow Jones had forecast 84,000 jobs, while economists polled by said they expected 90,000 job additions.
The unemployment rate also rose by 0.1 percentage point, from 4.1 percent to 4.2 percent. The healthcare sector led the gains, accounting for the majority of new jobs. The industry added 17,000 jobs, marking a slowdown from an average of 33,000 jobs per month over the past year.
Construction added 11,000 jobs, while manufacturing added 9,000. Financial activities, which include sectors such as commercial banking and insurance, shed 7,000 jobs. Most other sectors were largely unchanged, including retail, oil and gas extraction, and leisure and hospitality.
Previous jobs reports were also revised downward. July was revised from an initial gain of 21,000 jobs to a loss of 10,000 jobs. August was revised down by 29,000 jobs, from 162,000 to 133,000.
Wages grew by 3 percent, marking the slowest annual wage increase in five years. Friday’s jobs report caps a week of weakening economic data before the consequential midterm election on November 3. According to an AP-NORC poll released on Thursday, 61 percent of Americans polled said the US economy is worse off now than when Trump took office in January 2025.
Trump has been trying to change the narrative on the slumping economy. On Monday, he said in a Truth Social post that “The United States has the BEST Employment Numbers in HISTORY.” On Tuesday, the US Labor Department released the Job Openings and Labor Turnover Survey, or JOLTS report, which showed little change, suggesting what economists call a low-hire, low-fire environment. That means those who have jobs are generally not leaving for new ones, while employers are maintaining the status quo rather than expanding.
Extract — continue reading at the source.
