September job growth slows, unemployment rises to 4.2%

The Labor Department said September saw the creation of 29,000 jobs, far short of the 90,000 analysts had expected, and the unemployment rate edged up to 4.2% from 4.1% a month earlier. The figures were presented on a Fox Business broadcast on Friday.

"The numbers do not look good. I’m looking at 29,000 jobs added, which is well below expectations, and our unemployment rate jumps up to 4.2 percent," host Taylor Riggs said. Economists on the panel noted the data could affect Federal Reserve policy. Thomas Simons, chief U.S. economist at Jefferies, said the report might reduce pressure for an October rate hike. Charles Payne added that the weaker labor numbers could give policymakers “a little bit of discomfort.” Other commentators highlighted longer-term trends. Public-finance economist E.J. Antoni pointed out that nearly a million jobs have been added over the past two months, while contributor Lou Basenese said the overall trend remains relevant despite short-term volatility. The discussion also touched on wage growth, with Riggs noting a slowdown in average earnings month-over-month and year-over-year. Payne agreed that the rate of wage growth had slowed, which could compound inflation pressures. Former Trump economic adviser Steve Moore said the numbers were “disappointing” and fell short of the 75,000-100,000 jobs he had hoped for. U.S. stock futures rose early Friday, with the S&P 500 up 0.8%, the Dow projected to gain 0.9%, and the Nasdaq up 1.2%. Treasury yields fell, with the 10-year note yield at 5.176%. The White House did not comment directly but referenced a post by spokesperson Taylor Rogers, which emphasized private-sector job growth and the administration’s reindustrialization agenda while not addressing the rise in unemployment.