US Job Growth Slows to 29,000 in September
The US Labor Department released its closely watched employment report on Friday, showing a slower-than-expected job growth in September. Nonfarm payrolls increased by only 29,000 jobs last month, falling short of economists' forecasts for a 90,000 gain.
Economists attributed the meager payroll gains to volatility linked to seasonal adjustment factors and the Labor Day holiday, which often results in underperformance when it falls late in the month. Despite this, first-time applications for unemployment benefits have been hovering at 57-year lows, indicating robust corporate profit growth and resilient domestic demand.
The unemployment rate increased to a still-low 4.2% last month from 4.1% in August, largely due to retirements and the Trump administration's immigration crackdown reducing labor supply.