US Adds Just 29,000 Jobs in September — SkimNews
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- Bureau of Labor Statistics reported US employers added just 29,000 jobs in September, down from a revised 133,000 in August, with the unemployment rate rising from 4.1% to 4.2%.
- Economists downplayed fears of a lasting collapse: George Brown of Schroders called the monthly data a "rollercoaster," while Capital Economics' Bradley Saunders said the figure was "not disastrous" and partly reflected a drop in government roles and temporary visa policy changes.
- LPL Financial's Jeffery Roach said the soft data reduces the likelihood of two Federal Reserve rate hikes, noting tension between AI-boosted goods-producing sectors and service industries affected by tech shifts.
- President Trump has publicly insisted the US economy is "booming" and the country is the "hottest" in the world, directly contradicting the BLS figures.
- An AP/NORC poll found just 17% of Americans approve of Trump's handling of cost-of-living issues and 26% approve of his economic stewardship—both new lows, surpassing Joe Biden's worst marks during his presidency.
- Trump conceded at a White House event: "I've done a very bad job of explaining how good the country is doing," signaling rare acknowledgment of the perception gap with just a month until the midterm congressional elections.
Why it matters: The September jobs report lands a month before midterm elections and directly contradicts President Trump's economic messaging, with his approval on cost-of-living and the economy hitting new lows at 17% and 26% respectively. A soft labor market reduces the likelihood of further Fed rate hikes, reshaping the rate-path expectations for markets already pricing tightening through 2027.
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