US Jobs Report Disappoints with 29k New Hires and Higher Unemployment Rate

The US Labor Department released its September jobs report, showing that employers added only 29,000 jobs to the economy. This is significantly lower than the expected 90,000 new jobs and a decline from the revised August figure of 133,000.

The unemployment rate ticked up to 4.2% in September from 4.1% in August, which still remains relatively low but above expectations.

Economists had forecast a gain of 84,000 jobs and an unemployment rate of 4.1%, so the actual numbers are disappointing.