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U.S. Payrolls Slow Sharply as September Jobs Rise by 29,000

Markets cut the odds of another near-term Fed rate increase after the weak report lowered recent hiring and revised prior months down.

NEW YORK, NEW YORK - NOVEMBER 20: A hiring sign is displayed in the window of a business in Manhattan on November 27, 2025 in New York City. A delayed jobs report by the Bureau of Labor Statistics showed that U.S. employers added 119,000 jobs in September, surpassing expectations. Delayed more than a month due to the federal government shutdown, the report showed job growth was concentrated in health services, private education, and leisure and hospitality, among other sectors. (Photo by Spencer Platt/Getty Images)
NEW YORK, NEW YORK - MAY 06: A 'help wanted' sign is displayed in a Manhattan store on May 06, 2022 in New York City. A new report from the Labor Department shows that America’s employers added 428,000 jobs in April, keeping the unemployment rate at 3.6%. Following a day that saw a drop of over 1000 points over inflation fears, the Dow Jones Industrial Average was down over 200 points in morning trading. (Photo by Spencer Platt/Getty Images)
PASADENA, CALIFORNIA - MARCH 06: A "Now Hiring" sign is posted in a shop on March 6, 2026 in Pasadena, California. According to the Bureau of Labor Statistics, the U.S. economy lost 92,000 jobs in February while the unemployment rate ticked up to 4.4 percent. (Photo by Mario Tama/Getty Images)
NEW YORK, NEW YORK - NOVEMBER 20: A hiring sign is displayed in the window of a business in Manhattan on November 27, 2025 in New York City. A delayed jobs report by the Bureau of Labor Statistics showed that U.S. employers added 119,000 jobs in September, surpassing expectations. Delayed more than a month due to the federal government shutdown, the report showed job growth was concentrated in health services, private education, and leisure and hospitality, among other sectors. (Photo by Spencer Platt/Getty Images)

Overview

  • The Bureau of Labor Statistics report released Friday shows nonfarm payrolls rose by 29,000 in September and the unemployment rate edged up to 4.2 percent.
  • Revisions to prior months reduced net hiring by 60,000 as July was revised to a 10,000-job loss and August’s gain was cut to 133,000.
  • Private payrolls added 46,000 jobs while government employment fell by 17,000, and most major industries saw only small changes with healthcare, construction and manufacturing contributing modest gains.
  • Average hourly earnings rose five cents (0.1 percent) for the month and are up 3.0 percent year over year while labor force participation held at 61.8 percent and about 7.1 million people remained unemployed.
  • Economists and markets said the cool report, which is the last official jobs release before the November midterms, lowers the near-term probability of another Fed hike and highlights a ‘low-hire, low-fire’ market that leaves many jobseekers facing longer spells of unemployment.