The Bureau of Labor Statistics (BLS) reported that U.S. employers added 29,000 in September, falling short of the 84,000 forecast by economists. The unemployment rate ticked up slightly from 4.1% to 4.2%.
The labor force participation rate is at 61.8%, while the employment-population ratio is at 59.2% for September, showing little change from the prior month.
Employment in health care continued to trend up (+17,000) but at a slower pace than the average monthly gain over the prior 12 months. Employment was also slightly up in construction (+11,000) and manufacturing (+9,000).
In September, financial activities employment was little changed (-7,000). Employment in financial activities is down by 129,000 since a recent peak in May 2025. Employment also showed little change over the month in other major industries, including retail trade; information; professional and business services; social assistance; leisure and hospitality; other services; and government.
Average hourly earnings for all employees on private nonfarm payrolls rose slightly by 5 cents, or 0.1%, to $37.81. Over the year, average hourly earnings have increased by 3%.
According to the chief U.S. economist at Jefferies, “The payroll data surged in August, and we had expected the momentum to continue this month, given the historically low prints on jobless claims in recent weeks…. However, it now appears that the August number was nothing more than a rebound from very weak hiring in June and July.” (CNBC).
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