Employers added 29,000 jobs last month and the unemployment rate rose to 4.2 percent, federal data showed on Friday, slower than expected growth for a labor market that had shown greater-than-expected strength in recent months.
That resiliency has stood in tension with the strain of higher prices as inflation has marched higher since the start of the war in Iran. For most workers, wages haven’t kept up. Growth in average hourly earnings fell to 3 percent on an annual basis in September, well below the current rate of inflation, and the slowest since the depths of the pandemic. Employment gains for July and August were also revised down by a combined 60,000 jobs. [emphasis added]
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