U.S. adds 29,000 jobs in September; unemployment reaches 4.2%

On October 2, the BLS reported September gains of 29,000 nonfarm payroll jobs and unemployment of 4.2%. It characterized both changes as small. [1]

Earlier months revised

Revisions to July and August subtract a combined 60,000 jobs. August now shows a gain of 133,000. [1]

Separating interpretation from the figures

Reuters confirms the slowdown and reports that economists point to a possible Labor Day calendar effect. That explanation alone does not establish the cause of September’s weak result. [2]

An economist sees continued resilience

Speaking to Reuters, Scott Anderson, chief U.S. economist at BMO Capital Markets, sees no sign of serious labor-market trouble in this report, while considering its resilience less secure than GDP growth might suggest. [2]