U.S. nonfarm payrolls increase by 29,000 in September, less than expected; unemployment rises to 4.2% - CNBC — SkimNews
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- U.S. nonfarm payrolls increased by 29,000 in September, a significant slowdown from prior months and below economists' expectations
- Unemployment rate rose to 4.2% in September, up from the previous month's 4.1% despite ongoing economic expansion
- Labor market showed signs of cooling in September, with hiring gains concentrated in health care, government, and social assistance sectors
- Federal Reserve faces updated labor data as it weighs potential interest rate decisions amid slowing job growth and persistent inflation concerns
Why it matters: The weaker-than-expected 29,000-job gain and rising unemployment break the recent trend of resilient labor data, giving the Fed more room to hold or cut rates if inflation cools further. With markets pricing in less urgency for hikes, this shift could ease financial conditions just as borrowing costs have peaked.
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