US job growth slows as unemployment rises before midterm elections
Summary
In September, the US added 29,000 jobs, which was much lower than economists expected, and the unemployment rate rose slightly to 4.2%. This slowdown in job growth comes just weeks before the midterm elections, highlighting a weakening economy.Key Facts
- The US economy created 29,000 new jobs in September, below forecasts of about 84,000 to 90,000.
- The unemployment rate increased from 4.1% to 4.2%.
- Healthcare added the most jobs (17,000), but this was lower than its usual monthly average.
- Construction and manufacturing added 11,000 and 9,000 jobs, respectively, while financial activities lost 7,000 jobs.
- July and August job growth numbers were revised downward, showing weaker hiring in previous months.
- Wage growth slowed to 3%, the smallest rise in five years.
- Reports show fewer people leaving jobs and fewer layoffs, indicating cautious hiring by employers.
- The Federal Reserve is likely to keep interest rates steady after reviewing the economic data.
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