Only 29,000 jobs added in September, jobless rate rises to 4.2%
· Business · ABC News, CBS News, The Guardian
Employers added just 29,000 jobs in September, a sharp slowdown from August's 162,000 gain, according to U.S. Bureau of Labor Statistics data. The unemployment rate ticked up from 4.1% to 4.2% last month. The labor market showed signs of strain as hiring fell well below the year-to-date average of 80,000 jobs added monthly. The data arrived weeks after the Federal Reserve imposed its first interest rate hike in three years to combat inflation running at 3.4%. Despite the slowdown, the economy has added jobs consistently over the first eight months of 2024.
Why it matters
The sharp slowdown in hiring and rising joblessness directly affect millions of U.S. workers and businesses facing higher borrowing costs, while the data underscores the Federal Reserve's challenge in balancing inflation control with labor market stability.
Read the original report — ABC News
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