U.S. Added 29,000 Jobs in September, Far Below Forecast — SkimNews
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- U.S. employers added just 29,000 jobs in September, well below the 90,000 economists had forecast, while the unemployment rate rose to 4.2% from 4.1% in August.
- The Labor Department revised August payrolls down to 133,000 and shaved 60,000 jobs off combined July and August figures, with average hourly wages up just 3% year-over-year — the smallest gain since May 2021.
- Friday's report is the final jobs data before the November 3 midterm elections that will determine whether Republicans retain full control of Congress.
- An AP-NORC poll found only 17% of U.S. adults approve of Trump's handling of the cost of living, with 26% approving of his handling of the economy — a new low.
- Consumer confidence dropped to its lowest level in more than a decade, with 28% of respondents expecting fewer jobs in six months, double the share expecting more.
- Glassdoor's employee confidence index fell to a record low — its third record low this year — as the labor market settled into a 'low-hire, low-fire' pattern, with the average unemployed person jobless for over six months.
- Markets rallied on the soft data, with S&P 500 and Nasdaq futures extending gains and the 10-year Treasury yield falling to 5.17% from 5.24%.
Why it matters: With the November 3 midterms weeks away, the 29,000 September payroll figure — less than a third of expectations — hands Democrats fresh ammunition on cost-of-living concerns, where Trump's approval sits at 17%. A decade-low consumer confidence reading and record-low Glassdoor index suggest voters are feeling a 'low-hire, low-fire' labor market that punishes jobseekers without firing anyone.
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