Lates News

U.S. job growth in September fell short of expectations and the unemployment rate edged up, suggesting employers are cautious about hiring amid rising costs. Nonfarm payrolls increased by 29,000 last month after the prior two months were revised lower, according to Bureau of Labor Statistics data published Friday. The figure was below economists' estimates in a Bloomberg survey. The unemployment rate rose to 4.2%, partly reflecting an expansion in the labor force. The slowdown in job growth was driven by declines in government, information, professional and business services, and financial activities. Health care, construction and manufacturing added jobs. Strong consumer spending and robust business investment have supported hiring, but many cost-conscious employers are reluctant to expand headcount. Still, layoffs remain low. With the unemployment rate still historically low, Fed officials can keep their focus on inflation as they consider when to raise interest rates again.