US September Jobs Report Shows Just 29,000 Jobs Added, Unemployment Rises to 4.2%. Here's what each side is saying, and what none of them are telling you.
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📰 THE FULL STORY
The Bureau of Labor Statistics reported that the US economy added just 29,000 jobs in September while the unemployment rate rose to 4.2%. Economists had expected roughly 84,000 to 90,000 jobs and 4.1% unemployment. Prior months were revised lower, with August cut to a gain of 133,000 and July marked down to a loss of 10,000. Together the revisions showed 60,000 fewer jobs than previously reported.
Wage growth slowed sharply as well. Average hourly earnings rose just 0.1% in September, putting the 12-month gain at 3%, the lowest since 2021 and below expectations of 0.3% and 3.1%. Heather Long called the numbers mediocre, noting that the 3% yearly wage growth was wiped out by 3.4% inflation. Economist Bill McBride noted that only 496,000 jobs were created over the past year, averaging 41,000 per month, compared with 186,000 per month in Biden's last year.
The gains were concentrated in a few areas. Healthcare added 17,000 jobs, construction added 11,000, and manufacturing added 9,000. At the same time, government employment fell by 17,000, temporary help services fell by 11,000, information services lost 10,000, and financial activities dropped 7,000.
Other measures pointed in a different direction. Household employment rose by 406,000, the labor force grew by 485,000, and the participation rate rose 0.2 percentage point to 61.8%, its highest since May.
The report shifted expectations for the Federal Reserve. Market-implied odds that the Fed holds rates steady at its Oct. 27-28 meeting jumped to 82.8%, and Thomas Simons of Jefferies called the report the nail in the coffin for an October hike. White House economist Kevin Hassett said the data proves that Trumponomics is really working.
⬅️ HOW THE LEFT COVERS IT Not enough coverage yet, check back soon.
⬛ HOW THE CENTER COVERS IT Not enough coverage yet, check back soon.
➡️ HOW THE RIGHT COVERS IT Not enough coverage yet, check back soon.
⚠️ WHAT THEY AREN'T TELLING YOU No clear blindspot surfaced in the available coverage.
🌐 WHAT THE INTERNET IS SAYING On Telegram, @cointelegraph reported that the US added 29,000 jobs in September, well under the 90,000 expected, with unemployment climbing to 4.2%. On TikTok, Fox News framed the figures as breaking news coming in far below expectations, alongside the slight rise in unemployment to 4.2%.
Also on TikTok, CNBC described the weaker than expected hiring as a surprising soft spot in the labor market. Financial Boffins tagged its clip with the jobs report, labor market, interest rates, and inflation.
