The U.S. economy added 29,000 jobs in September and the unemployment rate ticked up to 4.2%, the Bureau of Labor Statistics reported Friday—the last official employment snapshot before the Nov. 3 midterms—CNN and First Trust confirm. Economists had expected about 90,000 jobs and a steady 4.1% jobless rate. Average hourly earnings rose 0.1% on the month and 3.0% over the year, the softest annual wage gain since May 2021.

Revisions darkened the picture: August was cut to 133,000 and July flipped to a 10,000-job loss, CNN reported; First Trust tallied a combined 60,000 downward revision that left a net loss of 31,000 including revisions. Healthcare and social assistance led gains (+23,000); construction added 11,000 and manufacturing 9,000; government shed 17,000. More industries lost jobs than gained them. Labor-force participation rose as more people entered the workforce—one reason unemployment edged higher.

Traders read the print as cooling hike odds for the Fed’s later-October meeting; stocks rose and the 10-year yield eased Friday, though it remained elevated. Economists split on the frame: some see a soft-landing labor market that lets the Fed stay focused on inflation; others warn wage growth is already losing to prices while Iran-war energy costs and tariffs keep the inflation pipeline hot. Cash equity markets are closed Sunday; futures and Monday’s open will reprice the weekend’s war and oil tape.

For workers, the stake is fewer openings and pay that barely moves while diesel and groceries stay expensive. Watch the next CPI print and any Fed speakers before the October meeting.

What we know:
NFP +29,000; unemployment 4.2%; AHE +0.1% month / +3.0% year; prior months revised lower; cash markets closed Sunday.
What we don’t:
Whether October hiring rebounds, how the Fed weighs soft jobs against sticky prices, or how midterm voters read the final pre-election jobs card.