US Payrolls Rise Just 29,000 in September as Unemployment Ticks Up

In September, nonfarm payrolls experienced a modest increase of only 29,000, significantly lower than the 90,000 anticipated by economists surveyed by Reuters. This follows a downwardly adjusted rise of 133,000 in August, as reported by the Labor Department on Friday. The estimates from the Reuters poll varied between 35,000 and 180,000. Economists linked the disappointing figures to a calendar anomaly, noting that payrolls often lag when Labor Day occurs later in the month, as it did this year. Despite this, initial unemployment claims remain at a 57-year low, reflecting strong corporate profits and steady domestic demand. However, economists warn that the US-Israel conflict with Iran could create labor market disruptions by late 2023 into 2027. This data release coincided with President Donald Trump's visit to the Peterbilt Motors plant in Denton, Texas.