U.S. Adds Just 29,000 Jobs in September as Unemployment Rises to 4.2%

U.S. employers added 29,000 jobs in September, while the unemployment rate rose to 4.2%, according to the Bureau of Labor Statistics. Payroll growth came in well below economists' expectations, while wage growth slowed and prior months were revised lower.

• Nonfarm payrolls increased by 29,000, compared with the 90,000 gain expected by economists surveyed by Reuters.
• August payroll growth was revised to 133,000 from 162,000, while July was revised to a loss of 10,000 jobs. The two months were revised down by a combined 60,000.
• Average hourly earnings increased 0.1% in September and 3.0% from a year earlier, the slowest annual wage growth since 2021.
• Labor force participation rose to 61.8%, while the unemployment rate increased from 4.1% to 4.2%.
• Healthcare added 17,000 jobs, construction added 11,000 and manufacturing added 9,000, while financial activities lost 7,000.
• Stocks rose and Treasury yields fell following the report as traders reduced expectations for another Federal Reserve rate increase in October.

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Editor’s Note: This is a developing story. This article may be updated as more details become available.