September jobs report shows modest hiring and rising unemployment ahead of midterms
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U.S. payrolls added 29,000 jobs in September and the unemployment rate rose to 4.2%, figures that could influence the upcoming midterm elections.
U.S. nonfarm payrolls increased by 29,000 jobs in September, far below the 90,000 jobs analysts had forecast. Average hourly earnings grew 0.1% for the month and 3% year-to-date, trailing the 3.4% inflation rate over the same period. The unemployment rate edged up to 4.2%, and revisions lowered the July and August employment numbers.
Allianz chief economic adviser Mohamed El-Erian told Yahoo Finance that the economic pressures are affecting lower-income households and noted, "It's not just an economic worry. It's a social and political worry as well."
Democratic leaders cited the data as evidence of a weakening economic record under President Trump, while White House officials emphasized other aspects of the report. National Economic Council Director Kevin Hassett said he was "not even a little bit" disappointed and described the figures as a "little bit lukewarm" but part of normal fluctuations. Deputy Press Secretary Taylor Rogers highlighted that private-sector payrolls added 46,000 jobs after a loss of 17,000 government positions and pointed to more than one million private-sector jobs created during the president's second term.
President Trump continued to promote his economic agenda, posting about foreign investment plans and preparing a nationwide campaign tour aimed at reinforcing his administration's economic narrative as the November 3 election approaches.