The September jobs report will be released Friday. Here's what to expect
The US economy added only 29,000 jobs in September, falling significantly short of economist expectations. According to Bureau of Labor Statistics data released Friday, the unemployment rate rose to 4.2%. This slower-than-expected growth has led the Federal Reserve and the European Central Bank to reduce the urgency of near-term interest rate hikes. While some analysts suggest the data provides cover for the Fed to hold rates steady during its October policy meeting, the results have not yet shifted broader market trends.
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- ✓ The US economy added 29,000 jobs in September.
- ✓ The unemployment rate increased to 4.2%.
- ✓ Economists surveyed by Bloomberg expected a gain of 85,000 jobs.
- ✓ Wall Street forecasts for September job growth ranged from 84,000 to 90,000.
What changed
The Bureau of Labor Statistics released official September data showing a miss on payroll forecasts and an increase in unemployment.
Live updates
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US September Jobs Report Shows Slowdown With 29,000 New Positions
The US economy added only 29,000 jobs in September, falling significantly short of economist expectations. According to Bureau of Labor Statistics data released Friday, the unemployment rate rose to 4.2%. This slower-than-expected growth has led the Federal Reserve and the European Central Bank to reduce the urgency of near-term interest rate hikes. While some analysts suggest the data provides cover for the Fed to hold rates steady during its October policy meeting, the results have not yet shifted broader market trends.
Why it matters
Wall Street and economists had projected job growth between 84,000 and 85,000 for the period. The results indicate a soft patch in the labor market, contrasting with previous expectations of a steady market. This data is critical for central bank decisions on inflation and interest rate policy.
What is confirmed
- The US economy added 29,000 jobs in September.
- The unemployment rate increased to 4.2%.
- Economists surveyed by Bloomberg expected a gain of 85,000 jobs.
- Wall Street forecasts for September job growth ranged from 84,000 to 90,000.
Still unconfirmed
- The Bureau of Labor Statistics revised July and August tallies down by a combined 60,000 jobs.
- Strong payrolls could change the calculus for CPI according to Natixis' Hodge.
What to watch next
- Federal Reserve policy decision for the October meeting
- Release of Fed minutes and ECB accounts this week
- Third quarter earnings reports beginning October 14
confidence 95%Sources used for this update (23)
- CNBC — The September jobs report will be released Friday. Here's what to expect
- CNBC — Stock futures are little changed as September jobs report looms: Live updates
- Bloomberg.com — Treasuries Rebound Raises Stakes for Job Data as Rate Hikes Loom
- Yahoo Finance — September’s jobs report is expected to show a labor market that’s holding steady
- KITCO — Strong payrolls don’t mean the Fed will hike, but they could change the calculus for CPI – Natixis’ Hodge
- Investor's Business Daily — Stocks Market Fights Back Ahead Of Jobs Report; Accenture Rockets, Lifts This Group
- CNN — Americans are still spending. Friday’s jobs report will show if that can last
- www.conference-board.org — US Consumer Confidence
- edition.cnn.com — What to expect from today’s jobs report | CNN Business
- www.foxbusiness.com — US economy added 29,000 jobs in September, a slower pace than expected - Fox Business
- www.itiger.com — Why Bond Investors Quickly Lost Their Enthusiasm for Weak Jobs Figures
- www.yahoo.com — Inside the resignation of Sherrill’s embattled No. 2 (and what’s next) | Mikie’s World
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