US adds disappointing 29,000 jobs as unemployment ticks up to 4.2%

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American employers added a disappointing 29,000 jobs as the unemployment rate increased slightly last month, official figures showed Friday.

The news arrived just one month prior to pivotal midterm elections, amid widespread public dissatisfaction with the high cost of living and overall economic performance across the entire nation.

The Labor Department reported that hiring slowed sharply from August’s revised total of 133,000, while the jobless rate rose from 4.1% to reach 4.2%.

Financial analysts had projected that September payrolls would reach 90,000.

The domestic employment landscape has previously shown strength despite enduring major challenges, including trade conflicts, ongoing inflation, elevated borrowing costs, and rising energy prices stemming from tensions with Iran. Friday’s update is the final official jobs snapshot prior to Nov. 3 elections that will reveal whether President Donald Trump’s Republicans can preserve their full command of the United States Congress.

Following the data release, futures tracking the S&P 500 and Nasdaq composite extended gains, while government bond yields fell. Specifically, the yield on the benchmark 10-year Treasury slipped to 5.17% from 5.24% recorded just one day earlier.

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