Slowing US Job Market Sparks Concern Ahead of Midterm Elections

US employers added only 29,000 jobs last month, significantly lower than expected, and the unemployment rate ticked up to 4.2% from 4.1% in August.

The Labor Department reported that hiring dropped from a revised 133,000 in August, while economists had predicted around 90,000 new payrolls for September.

Despite the disappointing numbers, average hourly wages rose by just 3% last month compared to a year ago, the smallest annual increase since May 2021.

The slowdown in hiring could influence the Federal Reserve's decision on interest rates, with some officials suggesting that they may keep the key rate unchanged rather than raising it as previously planned.