⌂ Home › News › September US Job Growth Falls to 29,000, Jobless Rate at 4.2%
News

September US Job Growth Falls to 29,000, Jobless Rate at 4.2%

September US Job Growth Falls to 29,000, Jobless Rate at 4.2%
US Job Growth Weakens in September With Only 29,000 Jobs Added
A A Text Size16px

US employers added only 29,000 jobs in September, well below the 90,000 economists had projected, according to Bureau of Labor Statistics data released Friday.

The unemployment rate rose slightly to 4.2 percent from 4.1 percent, and August payroll figures were revised down to 133,000 from an initial 162,000.

National Economic Council Director Kevin Hassett acknowledged the report was "a little bit lukewarm" but pointed to other indicators during a Fox News interview.

He said the Commerce Department had revised its first-half GDP outlook upward on Wednesday, while a Federal Reserve report showed August inflation rising more slowly than expected.

"If you look at the data from this week it is proving that 'Trumponomics' is really working, and this is one reason why markets are celebrating so much," Hassett said.

Mixed Signals From the Labor Market

Hassett highlighted localized strength within the labor market despite the overall slowdown.

He said 12,000 of the September jobs were in factory construction, adding that 112,000 people are now building factories who were not doing so when President Trump took office.

"Those factories are going to turn into future jobs," Hassett said, citing a groundbreaking the president attended in Texas.

On the rise in unemployment, Hassett attributed part of the change to workers re-entering the labor force in search of higher pay.

"People are seeing the strong labor market and saying, oh, I need to get back to the labor force because I'm going to make so much money," he said.

He also addressed the departure of federal workers from the Washington metropolitan area, saying those who left have found jobs.

"The job market is stronger now without those government workers here than it was before we let them go," Hassett said.

Network commentators offered a more critical read of the September figures on air Friday.

"The numbers do not look good," said Taylor Riggs, host at Fox Business Network.

Steve Moore, a former economic adviser to Donald Trump, said the result was disappointing and that he had hoped for closer to 75,000 to 100,000 jobs.

Recent polling, including an August survey by Focaldata, indicates public trust on economic stewardship remains a central challenge, with voters favoring opposition proposals on cost-of-living issues.

Meanwhile, national average gas prices stand at $4.40 per gallon, up from $2.98 recorded in late February.

🔗 Related Post
📰 Latest Updates