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U.S. labor market slows with midterms on the horizon
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The U.S. labor market slowed during the month of September, according to new data Friday from the Bureau of Labor Statistics.
Key facts
- Overall, economists expected an addition of 84,000 jobs, an unchanged employment rate at 4.1% and earnings that increased by 3.1% from a year ago, according to a Dow Jones survey
- The change in total nonfarm payroll employment for July was revised down by 31,000, from +21,000 to -10,000, and the change for August was revised down by 29,000, from +162,000 to +133,000,” the BLS
- Average hourly earnings for workers rose only 0.1% from the prior month and 3% from a year ago
- That came alongside gas prices that remain almost 50% higher than late February, when the U.S. and Israel launched the war against Iran, and as commercial diesel fuel prices sit 70% higher
Summary
The economy added only 29,000 jobs, fewer than expected by economists. Average hourly earnings for workers rose only 0.1% from the prior month and 3% from a year ago. Additionally, 60,000 jobs were revised out of previous months’ initial readings. “The change in total nonfarm payroll employment for July was revised down by 31,000, from +21,000 to -10,000, and the change for August was revised down by 29,000, from +162,000 to +133,000,” the BLS said in a statement.