Employers hired at a slower pace than expected in September while the unemployment rate ticked up — though it’s likely still enough to keep the Fed on track for a second interest-rate hike in December.
US employers added 29,000 jobs in September, below estimates of an 84,000 gain and far below a revised gain of 133,000 the previous month, the Bureau of Labor Statistics said Friday.
The unemployment rate ticked up to 4.2% from 4.1% the previous month. Economists have partially attributed the relatively steady unemployment figures to Baby Boomers starting to retire and President Trump’s strict deportation agenda, both of which have kept labor market entry low.
Job gains for July and August were revised down by a combined 60,000 jobs,
Investors are largely expecting the Fed to hold interest rates steady at its meeting this month over fears that a second rate hike just before the November midterm elections could appear politicized. Most are projecting a quarter-point hike in December.
This is a developing story. Please check back for updates.