US Economy Stalls in September with Meager Job Gain

The US economy added only 29,000 jobs in September, according to the Bureau of Labor Statistics (BLS). The unemployment rate ticked up slightly to 4.2 percent.

This is a slowdown from August's addition of 162,000 jobs and July's loss of 10,000 jobs, as revised by the BLS. The economy has been below 5 percent unemployment since August 2021, after reaching a peak of 14.8 percent during the COVID-19 pandemic.

Fed Chair Kevin Warsh said that the unemployment rate is 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.