US Adds Just 29,000 Jobs in September as Unemployment Rises — SkimNews
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- US employers added just 29,000 jobs in September, down sharply from a revised 133,000 in August, with headcounts little changed across major sectors from tech to retail, per the Bureau of Labor Statistics.
- The unemployment rate rose from 4.1% in August to 4.2% in September, signaling a cooling economy that economists said reduces the likelihood of further Federal Reserve rate hikes.
- Schroders economist George Brown called the job gains a "rollercoaster" this year and said a single soft report is unlikely to point to a lasting collapse.
- Capital Economics' Bradley Saunders described the September figure as "not disastrous," attributing part of the drop to fewer government roles and temporary visa policy changes.
- LPL Financial chief economist Jeffery Roach said the data showed tension between AI-driven goods-producing sectors and service industries feeling tech's disruptive effects, adding that "the likelihood of two Fed hikes is going lower."
- President Trump faces a stark political disconnect, with the BLS data clashing against his claim that America is the "hottest" nation in the world.
- An AP/NORC poll released the same day showed just 17% of Americans approve of Trump's handling of cost-of-living and 26% approve of his handling of the economy overall — both new lows that surpass the worst marks recorded for Joe Biden during his presidency.
- Trump acknowledged the messaging gap at a White House event, saying: "I've done a very bad job of explaining how good the country is doing."
Why it matters: The collapse from 133,000 to 29,000 jobs hands Trump's opponents the clearest data point yet to challenge his 'hot economy' narrative with just 32 days until midterms, and his 17% cost-of-living approval — a new low that even undercuts Biden's worst mark — suggests the political damage is already showing up in the polls he needs to win.
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