US Job Growth Stalls at 29,000 in September, Unemployment Holds at 4.2%
Nonfarm payrolls added just 29,000 jobs in September as hiring across all major industries remained essentially flat.
U.S. employers added only 29,000 nonfarm payroll jobs in September, a figure that signals a sharp slowdown in hiring momentum, while the unemployment rate held steady at 4.2 percent, according to the latest federal employment data.
Job creation across all major industry sectors was essentially unchanged during the month, offering no single bright spot to offset the broadly weak headline number. The across-the-board stagnation suggests the sluggishness was not isolated to one corner of the economy.
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A gain of 29,000 positions represents one of the softer monthly readings in recent memory and is well below the pace typically associated with a robust labor market. Economists and policymakers generally view sustained job creation in the range of 150,000 or more per month as consistent with a healthy expansion, placing September's figure far short of that benchmark.
The stability of the 4.2 percent unemployment rate, while providing some reassurance that layoffs have not surged, may mask the underlying softness in demand for new workers. A flat jobless rate alongside minimal hiring can indicate that labor force participation is also little changed, leaving the broader employment picture largely stagnant.
Continue reading at Employment Situation.
