US payrolls rise just 29,000 in September as unemployment hits 4.2%
· Economy · United States
Nonfarm payrolls rose by only 29,000 in September, far below the 84,000 forecast, while the unemployment rate climbed to 4.2%. Hiring practically stalled a month before the midterm elections, and traders sharply cut bets on a Fed rate hike in October.
Why it matters：A stalling US labor market shifts Federal Reserve policy expectations and could sway the midterm elections, with ripple effects on global borrowing costs.
Key points
- September payroll growth of 29,000 was well below the 84,000 forecast.
- The unemployment rate rose to 4.2%.
- Traders lowered the odds of a Fed funds rate increase this month after the report.
Sources (original reporting)
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