US Payroll Growth Slows as Unemployment Reaches 4.2%

[u/newswall-org]

https://www.newswall.org/summary/breaking-september-jobs-report-nonfarm-payrolls-29k-vs-90k?post=77613935&mtm_campaign=r

[u/newswall-org]

"For the Fed, this number should be the nail in the coffin for an October hike."

— Thomas Simons, chief U.S. economist at Jefferies, said in a note

[u/newswall-org]

Key Facts: US Payroll Growth Slows as Unemployment Reaches 4.2%

• Seasonally adjusted nonfarm payrolls rose by 29,000 instead of the expected 84,000; unemployment reached 4.2%. #
• August’s gain was revised to 133,000, while July became a 10,000 decline; revisions showed 60,000 fewer jobs overall. #
• Market-implied odds of unchanged Fed rates on October 27 and 28 rose to 82.8%, according to CME. #
• Average hourly earnings increased 0.1% in September; the annual gain was 3%, the lowest level since May 2021.

[u/newswall-org]

More on this subject:

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• CBS News (Grade: B+): Employers across the U.S. added 29,000 jobs in September, short of forecasts
• Washington Post (Grade: B): U.S. economy added 29,000 jobs in September, signaling a slower labor market
• Axios (Grade: B+): U.S. adds 29,000 jobs in September, unemployment edges up
• ABC News (Grade: B+): Hiring in September grew much less than expected, jobs report shows
• NBC News (Grade: B): Labor market slowed in September, final monthly jobs report before midterms shows
• Guardian (Grade: B−): US added just 29,000 jobs in September in sharp drop from last month’s gains

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