The US economy added just 29,000 jobs last month, fewer than expected

Job growth was slower than expected in September, as the US economy added just 29,000 jobs last month and the unemployment rate increased to 4.2%, new Bureau of Labor Statistics data showed Friday. September’s job gains marked a slowdown from August, when a downwardly revised 133,000 jobs were added. But economists cautioned that August’s surprisingly strong gain likely reflected some seasonal factors that overstated hiring activity. Employers were expected to add about 90,000 jobs in September with an unemployment rate holding at 4.1%. The job market has mostly been holding up despite a growing list of threats to hiring, from an aging population and the rapid adoption of AI to higher oil prices, policy uncertainty and the war with Iran. This story is developing and will be updated.