Employers added just 29,000 jobs in September, marking a significant downturn in the US labour market prior to the midterm elections. According to data from the Bureau of Labour Statistics (BLS), headcounts in key industries, including tech and retail, barely changed despite a sharp decline in hiring since August.
Meanwhile, the unemployment rate rose slightly from 4.1% in August to 4.2% in September. According to experts, the numbers indicate a slowing US economy, which reduces the likelihood that the Federal Reserve will raise interest rates in the future.
According to updated BLS data for the month, 29,000 jobs were created in September compared to 133,000 in August. Although job growth has been a “rollercoaster” this year, George Brown, senior economist at Schroders, said a single disappointing report is unlikely to signal a long-term collapse.
The lower number was “not disastrous,” according to Bradley Saunders, North America economist at Capital Economics, who also noted that changes in temporary visa policies and a decline in government jobs negatively affected overall growth.
The statistics revealed conflict between “goods producing sectors that support the AI boom” and service businesses feeling the impact of changes brought about by the technology, according to Jeffrey Roach, chief economist at LPL Financial.
Also Read:
Iran’s President Assures Trump That the Country will Never “Bend the Knee”
In Protest of the Media Embargo, Major US Outlets Halt Their Shared Coverage of Trump
