U.S. Adds 29,000 Jobs as Labor Market Cools

U.S. employers added just 29,000 jobs in September, well below forecasts of roughly 84,000 to 89,000 and down sharply from August’s revised 133,000 gain. The unemployment rate rose to 4.2%, and revisions cut July and August payrolls by a combined 60,000 jobs, with July’s modest gain revised to a loss. Hiring was largely flat across industries: health care was among the few notable sources of gains, while financial activities continued to lose jobs; average hourly earnings rose 0.1% for the month and 3% year over year. The report points to a cooling labor market, though some analysts said a calendar quirk may have contributed to September’s weakness and cautioned against reading it as a major shift. Released ahead of the midterm elections amid concerns about inflation and affordability, the data add uncertainty to the Federal Reserve’s decisions on further interest-rate increases.