Bloomberg Surveillance · Friday, October 2, 2026
The September jobs report significantly missed expectations, with non-farm payrolls at 29,000 against a forecast of 90,000, and the prior month's figures revised downward. The unemployment rate rose to 4.2%, and average hourly earnings growth was weaker than anticipated, signaling a slowdown in the labor market.
“Big changes here, change in non-farm payrolls. We're expecting 90,000 jobs. We're only getting 29,000.”
“The prior month also revised downward from 162 to 133,000. The unemployment rate rising to 4.2%. The expectation was 4.1%.”
“Average hourly earnings on a month-over-month basis coming in much less than expected, just a tenth of a percent. The expectation was for three-tenths of a percent.”