📰 What Happened
US employers added just 29,000 jobs in September, well below economists’ expectations of about 70,000. The unemployment rate rose slightly to 4.2 percent. Healthcare added 17,000 jobs, while the information, financial and professional industries lost jobs. It was the final jobs report before the midterm elections.
🔍 The Backstory
Earlier figures for July and August were revised down by 60,000 combined, with July losing 10,000 jobs. Growth in average hourly earnings slowed to 3 percent, the weakest in over five years. The data also showed that not everyone faces the same job market, with higher unemployment among Black Americans.
🎯 Why It Matters
A slowing job market makes it harder to find work or win a pay rise, and it may influence the midterm elections.
US employers added just 29,000 jobs in September, well below economists’ expectations of about 70,000. The unemployment rate rose slightly to 4.2 percent. Healthcare added 17,000 jobs, while the information, financial and professional industries lost jobs. It was the final jobs report before the midterm elections.
Earlier figures for July and August were revised down by 60,000 combined, with July losing 10,000 jobs. Growth in average hourly earnings slowed to 3 percent, the weakest in over five years. The data also showed that not everyone faces the same job market, with higher unemployment among Black Americans.
A slowing job market makes it harder to find work or win a pay rise, and it may influence the midterm elections.
📰 Source: News Source
theguardian.com ↗
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