US Nonfarm Payrolls Rise Just 29,000 in September as Hiring Momentum Slows
The U.S. labor market added only 29,000 jobs in September, pointing to a sharp slowdown in hiring even as the unemployment rate remained broadly stable at 4.2%.
The Bureau of Labor Statistics (BLS) said payroll employment increased by 29,000 during the month, describing the change as small. The September report, released October 2, 2026, also showed that the number of unemployed people stood at about 7.1 million. CoinDesk reported
The latest figure compares with an average monthly payroll gain of 45,000 over the previous 12 months, indicating that employment growth has recently weakened.
US Nonfarm Payrolls Show Broad Hiring Weakness
The September data did not identify a single industry driving the slowdown. Employment changed little across all major industry groups, according to the BLS.
Health care, which has been a source of employment growth, added 17,000 jobs in September. That was below its average monthly increase of 33,000 over the previous 12 months.
Financial activities have also recorded a prolonged decline. Employment in the sector was down 129,000 from May 2025, with insurance carriers accounting for most of the decrease at 90,000 jobs.
Earlier payroll figures were also revised lower. July was revised to a decline of 10,000 jobs, while August was revised to a gain of 133,000. Together, the revisions reduced employment gains for those two months by 60,000.
Despite the weaker hiring environment, wage growth continued. Average hourly earnings reached $37.81, an increase of 3.0% from a year earlier.
Unemployment Rate Remains Within a Narrow Range
The unemployment rate stood at 4.2% in September. The BLS said the rate changed little and has remained within a relatively narrow 4.1% to 4.3% range since March.
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| Source: CoinDesk |
The agency did not identify a specific reason for the monthly movement in the unemployment rate.
Longer-term unemployment remained a concern. About 1.9 million people had been unemployed for at least 27 weeks, representing 27.1% of all unemployed people.
Another 4.5 million people were working part time because their hours had been reduced or because they could not find full-time work.
The labor force participation rate was 61.8%, while the employment-population ratio stood at 59.2%. Both measures changed little during September.
September Data Shows Uneven Impact Across Workers
The unemployment rate increased among Black workers in September, while rates for several other demographic groups changed little.
The BLS reported an unemployment rate of 7.0% for Black workers. The rate was 14.5% for teenagers, 4.7% for Hispanic workers, 3.9% for adult men and 3.6% for adult women.
The unemployment rate was also 3.6% for White workers and 2.9% for Asian workers.
The September figures add to a mixed picture for the U.S. labor market. Employment growth has slowed considerably, but the overall unemployment rate has not moved sharply higher.
2026 Payroll Growth Has Been Volatile
September's weak increase follows a year of uneven payroll growth. Employment gains were stronger in March and April before slowing significantly from May onward, with two months recording declines.
The monthly figures cited in the report are the headline numbers as initially reported, meaning subsequent BLS revisions can alter the historical record.
The latest employment data provides broader economic context for financial markets, including cryptocurrency markets, but the payroll report itself does not establish how crypto assets will respond.
The next U.S. employment report, covering October, is scheduled for November 6, 2026, at 8:30 a.m. ET, according to the BLS.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.