US adds just 29,000 jobs as unemployment rises before midterm elections

Job growth in the United States slowed in September, falling short of economists’ expectations as the unemployment rate rose in the final jobs report before the consequential midterm elections.

The US economy added 29,000 jobs in September, according to the Labor Department’s report released on Friday, far below economists’ expectations. Dow Jones had forecast 84,000 jobs, while economists polled by Reuters said they expected 90,000 job additions.

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The unemployment rate also rose by 0.1 percentage point, from 4.1 percent to 4.2 percent.

The healthcare sector led the gains, accounting for the majority of new jobs. The industry added 17,000 jobs, marking a slowdown from an average of 33,000 jobs per month over the past year. Construction added 11,000 jobs, while manufacturing added 9,000.

Financial activities, which include sectors such as commercial banking and insurance, shed 7,000 jobs.

Most other sectors were largely unchanged, including retail, oil and gas extraction, and leisure and hospitality.

“Today’s disappointing report shows the labour market is grinding to a halt, marked by slow hiring and declining real wages that leave workers with very little leverage,” Kyle Moore, chief economist at the think tank The Century Foundation, said in remarks provided to Al Jazeera.

本文の著作権はAl Jazeeraにあります。