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The Federal Reserve raised rates in September to fight an energy-driven inflation spike, betting the labor market could handle the pressure. September's jobs report suggests that bet may have been wrong.
U.S. employers added 29,000 jobs in September as the unemployment rate inched up to 4.2%. Job gains for July and August were revised down by a total of 60,000 jobs, extending a lackluster run for the job market.
Nonfarm payrolls rose by just 29,000 in September, well below the 84,000 forecast, and the unemployment rate rose to 4.2%, the Bureau of Labor Statistics said.