US Economy Stumbles with Meager 29,000 Job Gain in September

The US economy added only 29,000 jobs in September, a significant decline from previous months. According to the Bureau of Labor Statistics (BLS), this is a drop from August's 162,000 job gain and July's revised loss of 10,000 jobs.

The unemployment rate ticked up slightly to 4.2 percent, remaining below 5 percent since August 2021.

Fed Chair Kevin Warsh stated that the unemployment rate is 'running consistent with full employment,' but emphasized the central bank's dual mandate of maximum employment and price stability.

Traders are pricing in a roughly 72 percent chance of the Federal Open Market Committee (FOMC) holding interest rates at a range of 3.75 percent to 4 percent at its next meeting, set for Oct. 27-28.