U.S. Adds 29,000 Jobs as Unemployment Rate Rises

The U.S. economy added 29,000 jobs in September, the Bureau of Labor Statistics reported Friday, far below economists’ expectations, while the unemployment rate rose to 4.2% from 4.1% in August. The report showed a sharp slowdown in hiring and downward revisions to payroll growth in the prior two months. Economists’ forecasts cited in reports ranged from just under 70,000 to 90,000 jobs. The agency revised July and August employment figures down by a combined 60,000. August’s increase was revised from 162,000 to 133,000; July was revised to a loss of 10,000 jobs in reports providing the month’s revised result. Hiring gains were concentrated in some industries, while others shed jobs. Health care, construction and manufacturing added workers, while government, information, financial activities, and professional and business services recorded declines, according to the report’s sector breakdown. One account put private-sector hiring at 46,000 and the government payroll decline at 17,000. Average hourly earnings rose 0.1% from August and 3% over the year, the slowest annual increase since 2021, according to the employment report.