WASHINGTON (AURN News) — Today’s jobs report comes in weaker than expected, with the U.S. adding just 29,000 jobs in September, well below economists’ expectations of 90,000, while the unemployment rate rose to 4.2%.
On top of that, July and August payroll figures were revised down by a combined 60,000 jobs.
Average hourly earnings rose just 0.1% in September and were up 3% from a year earlier, below the latest annual inflation rate of 3.4%.
Economists describe it as a “low-hire, low-fire” labor market. Companies are not laying off workers en masse, but hiring has slowed sharply.
For Black workers, the unemployment rate rose to 7.0% in September, well above the 4.2% national rate.
The weak jobs report adds to economic concerns as President Donald Trump’s approval ratings remain near the lowest levels of either of his terms. A September Reuters/Ipsos poll measured his overall approval at a career-low 32%.
Click play to listen to the report from AURN White House Correspondent Ebony McMorris. For more news, follow @ebonymcmorris & @aurnonline.
