Employers across the U.S. added 29,000 jobs in September, short of forecasts

Updated on: October 2, 2026 / 10:52 AM EDT / CBS News

Employers across the U.S. added 29,000 jobs in September, below economists' forecasts and signaling that some businesses are holding off on hiring amid headwinds such as surging energy prices and higher inflation.

Economists had forecast the economy would add 90,000 new jobs last month, according to financial data firm FactSet. The unemployment rate stood at 4.2% in September, up slightly from 4.1% in the prior month.

Recent data suggest the labor market has picked up since last year, when employers added an average of just 10,000 new jobs per month. But the September report suggests that hiring may be flagging after August's strong employment report and the Federal Reserve's first interest rate hike in three years.

"September's nonfarm payroll gain of just 29,000 jobs raises questions about the durability of the labor market after the Federal Reserve's first interest rate increase since 2023," Jerry Tempelman, vice president of economic and fixed income research at Mutual of America, said in an email.

Hiring was muted across industries, with even healthcare, this year's bright spot in job growth, adding just 17,000 new hires, experts noted. Financial services firms, meanwhile, shed…

Original source: https://www.cbsnews.com/moneywatch/