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US Job Growth Misses Expectations in September, Unemployment Rises
M
Moneycontrol•02-10-2026, 18:31
US Job Growth Misses Expectations in September, Unemployment Rises
- •The US economy added only 29,000 jobs in September, significantly missing analysts' expectations, with the unemployment rate slightly increasing to 4.2 percent.
- •The Bureau of Labor Statistics (BLS) revised down job figures for July and August by a combined 60,000, indicating a job loss in July instead of a previously reported gain.
- •Healthcare saw notable gains of 17,000 jobs, though slower than its average, while construction added 11,000 and manufacturing 9,000.
- •The financial sector continued its decline, losing 7,000 jobs in September, contributing to a total slump of 129,000 since May 2025, primarily in insurance.
- •Average hourly earnings rose 3.0 percent, but real wages are declining due to high inflation, potentially impacting the Federal Reserve's policy decisions after recent interest rate hikes.
Key Questions Answered
The United States added 29,000 new jobs in September, which significantly missed analysts' expectations, while the unemployment rate ticked up slightly to 4.2 percent.
Health care led job gains with 17,000 new positions, followed by construction adding 11,000 and manufacturing adding 9,000 jobs. Conversely, the financial sector lost 7,000 jobs during the month, driven largely by declines among insurance companies.
The Bureau of Labor Statistics revised down job figures for July and August by a combined 60,000 jobs. Specifically, the revision showed that July actually lost jobs rather than posting the previously reported gain of 21,000.
