U.S. Labor Market Adds Just 29,000 Jobs in September as Hiring Slows

The US labor market added just 29,000 jobs in September, while downward revisions to the previous two months pointed to a sharper loss of momentum than previously reported, according to the Bureau of Labor Statistics.

US employers added 29,000 jobs in September as the labor market showed signs of losing momentum, according to the Bureau of Labor Statistics.

The September increase in nonfarm payroll employment was accompanied by an unemployment rate of 4.2 percent, up from 4.1 percent in August.

The BLS revised July employment from a gain of 21,000 to a decline of 10,000. August's gain was revised from 162,000 to 133,000. Together, the revisions reduced previously reported employment growth for July and August by 60,000 jobs.

Average hourly earnings rose by 5 cents, or 0.1 percent, in September to $37.81.

Over the previous 12 months, average hourly earnings increased 3.0 percent.

Economists and labor-market analysts have pointed to the weaker hiring figures and slower wage growth as signs that workers may have less leverage to change jobs or negotiate higher pay.

Meanwhile, Europe's artificial-intelligence sector has continued to attract major investment.

AI voice startup ElevenLabs completed a $300 million employee tender offer that valued the company at $22 billion, double its $11 billion valuation from its February funding round.