US added 29,000 jobs in September, well below forecasts, amid inflation surge

LeftThe US Labor Department reported that 29,000 jobs were added in September, far below the 84,000 analysts expected. 1 2 LeftThe unemployment rate rose from 4.1% to 4.2%, and job totals for July and August were revised down by 60,000 jobs in total. 1 LeftAhead of the release, ABC News said the figure would be a gauge of the economy as the US weathers an inflation surge set off by the Iran war seven months ago. It noted that August's gain was 162,000 jobs and that the economy had averaged about 80,000 a month over the first eight months of the year, according to Raymond James. 2

LeftAnnual inflation stood at 3.4% in August, more than a percentage point above the Fed's 2% target. Last month the Federal Reserve raised interest rates by a quarter point, its first increase in three years. 2 LeftInvestors put the chance of another rate rise in October at one in three, according to CME Group's FedWatch Tool. Fed Chair Kevin Warsh said last month that "inflation is too high and has been for too long." 2 LeftABC also cited strains such as a bond selloff, higher oil and gasoline prices, and consumer sentiment near record lows in the University of Michigan survey. It also cited resilience, including GDP growth through June and a 0.6% rise in August consumer spending. 2

LeftRaw Story reported that Fox Business host Charles Payne, according to journalist Aaron Rupar, was "nearly in tears" over the report. Payne said slower growth "exacerbates this inflationary situation because gasoline is up, but the rate of growth of your wages is not," and that it "gets back again to policy." 1 LeftRaw Story noted that this is the last jobs report before the midterms. It quoted critics of President Donald Trump, including commentators who blamed his policies, and said CNBC called the report a "big miss" and CNN said it "came in surprisingly cold." 1