US Nonfarm Payrolls in September Fall Short of Expectations
In September, nonfarm payroll growth in the US came in well below market expectations, while the unemployment rate rose to 4.2 percent.
According to data released by the US Bureau of Labor Statistics, nonfarm payrolls increased by 29 thousand in September, falling short of the median expectation of 90 thousand, and the unemployment rate was recorded at 4.2 percent.
Data Falling Short of Expectations
According to data released by the US Bureau of Labor Statistics, nonfarm payrolls increased by 29 thousand in September. The median estimate of economists participating in the Bloomberg survey was an increase of 90 thousand.
Past Period Revisions
The nonfarm payroll increase for August had been announced as 162 thousand, but as a result of recent evaluations, this figure was revised down to a 133 thousand increase.
Unemployment and Participation Rate
The unemployment rate in the country was announced as 4.2 percent in September, while the market expectation was at 4.1 percent. In the same period, the labor force participation rate came in above expectations at 61.8 percent.
Sectoral Distribution and Earnings
Employment in the manufacturing sector remained limited at 9 thousand people. Average hourly earnings increased by 0.1 percent monthly and 3.0 percent annually.
Average earnings fell to their lowest level seen since 2021 on an annual basis.