US added just 29,000 jobs in September in sharp drop from last month’s gains
Summary
The US added only 29,000 jobs in September, which is much lower than expected and shows a slowdown in hiring. The unemployment rate slightly increased to 4.2%, and earlier job numbers for the summer were revised down. Inflation and higher interest rates continue to affect the economy.Key Facts
- US employers added 29,000 jobs in September, well below the forecast of about 70,000.
- The unemployment rate rose slightly to 4.2%.
- Job numbers for July and August were revised down by a total of 60,000 jobs.
- The labor market shrank by 10,000 jobs in July after changes to data, but August saw strong growth with 133,000 jobs added.
- Job openings and hires stayed mostly steady in August, showing slow hiring and firing.
- Inflation remains high, partly due to rising energy prices linked to the US-Israel war on Iran.
- The Federal Reserve raised interest rates last month for the first time in three years to control inflation.
- Mortgage rates surged to 7.28%, the highest in three years, and the 10-year treasury yield hit a 24-year high, increasing loan costs.
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