Economy fell short of expectations with 29,000 jobs in September in lackluster report
The economy added just 29,000 new payroll jobs in September, the Bureau of Labor Statistics reported Friday, as growth slowed amid the continued energy supply shock from the war with Iran.
TL;DR
- September payroll job growth was 29,000, significantly lower than the 89,000 forecast.
- July and August employment reports were revised down by a combined 60,000 jobs.
- The slowdown is linked to the energy supply shock from the war in Iran and potential trade war effects.
- The weak jobs report is a concern for Republicans ahead of the midterm elections.
- The Federal Reserve raised interest rates despite pressure from President Trump to lower them.
- Fed Chairman Kevin Warsh asserted the central bank's independence, stating they "stay in our lane."