September Jobs Report Shows Slowing Economy with Only 29,000 New Positions

The Bureau of Labor Statistics (BLS) released new data on Friday showing that the US economy added only 29,000 jobs in September. This is a significant slowdown from previous months, as the BLS revised its estimates for August and July downward, showing a loss of 10,000 jobs in July and an addition of 133,000 jobs in August.

The unemployment rate ticked up slightly to 4.2 percent, remaining below 5 percent since August 2021. The economy has been experiencing inflation above the Federal Reserve's 2 percent target for five-plus years, with annual inflation at 3.4 percent in August and core prices at 3 percent year-over-year.

Fed Chair Kevin Warsh said that the unemployment rate is 'running consistent with full employment' and that the central bank's dual mandate of maximum employment and price stability are not at odds in the medium term.