September jobs report shows modest hiring and rising unemployment ahead of midterms

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.