US added just 29,000 jobs, unemployment ticked up

Description: The U.S. added just 29,000 jobs in September, far below economists’ expectation of 90,000, while the unemployment rate rose to 4.2%.

Average hourly earnings increased only 0.1% from August and were up 3% from a year earlier, while previous job estimates for July and August were revised down by a combined 60,000.

The report suggests the labor market continues to follow a “low-hire, low-fire” pattern, with limited layoffs but employers also creating fewer new positions.

Healthcare added 17,000 jobs and construction added 11,000, although healthcare’s growth was below its recent average, Yahoo Finance has reported.

The weak report could influence Federal Reserve officials to keep interest rates unchanged this month as they continue weighing the slowing labor market against inflation.

read more: https://finance.yahoo.com/economy/article/septembers-jobs-report-shows-the-us-added-just-29000-jobs-and-unemployment-ticked-up-195320409.html

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