Hiring Slows as unemployment rises to 4.2%

U.S. employers added 29,000 jobs in September, and the unemployment rate rose to 4.2%, the Labor Department said Friday. Both figures came in weaker than analysts expected. Revisions also showed July lost 10,000 jobs, while August added 133,000.

Healthcare added 17,000 jobs, construction added 11,000 and manufacturing added 9,000. Government employment fell by 17,000, and professional and business services lost 9,000. Average wages rose 3% over the year, the smallest annual gain since May 2021.

Job growth averaged about 51,000 per month from July through September. The softer jobs and wage figures eased pressure on the Federal Reserve to raise interest rates at its meeting later this month; traders’ estimated chance of a quarter-point increase fell to 22% from 35% a week earlier.

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