US Unemployment Rate Rises to 4.2% in September
US employers added fewer jobs than expected in September, and the unemployment rate increased to 4.2%. The labor market has shown resilience despite facing multiple economic shocks.
U.S. employers added 29,000 jobs in September, and the unemployment rate ticked up to 4.2%, the government reported Friday. This hiring figure fell short of economists' expectations of 90,000 jobs.
The slowdown in job growth occurs ahead of pivotal midterm elections in November, with voter discontent growing over the economy and the cost of living.
Revisions to previous months' data also reduced combined July and August payrolls by 60,000 jobs. Average hourly wages increased by just 3% year-over-year, the smallest annual gain since May 2021.
The U.S. job market has shown resilience in the face of trade wars, inflation, and rising interest rates. Economists describe the current environment as a "low-hire, low-fire" market, where those employed are secure, but job seekers face difficulties finding new positions.