US adds just 29,000 jobs in September, missing forecasts badly and piling pressure on Trump before midterms
From the Newshound archive · first published 2 October 2026 · last updated 3 October 2026.
America's economy added a fraction of the jobs expected last month, with September's figure of 29,000 falling far short of forecasts of around 90,000 and marking a steep drop from a revised 133,000 in August. July's payroll figure was also revised to a loss of 10,000 jobs, dragging the 12-month average down to just 45,000. The unemployment rate edged up to 4.2%, and only 17% of Americans now approve of Trump's handling of cost-of-living pressures, a new polling low. The dismal report — the final jobs snapshot before November's midterm elections — prompted traders to scale back bets on further Federal Reserve rate hikes.
July's payroll figure was revised to a loss of 10,000 jobs, making the overall picture even worse than the headline number suggests.
Bond yields fell sharply after the report, with the 10-year Treasury dropping to 5.17%, as markets priced out the likelihood of a Fed rate rise this month.
One analyst called it an 'ice-cold report', warning the jobs market 'may not be as healthy as previous data might have suggested'.