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Market has recovered from a dismal 2025, but ordinary Americans remain unhappy about the economy and the high cost of living
U.S. employers added a disappointing 29,000 jobs and the unemployment rate ticked up last month, the government reported Friday, a month before voters go to the polls in pivotal midterm elections at a time of discontent over the high cost of living and the state of the economy.
Hiring dropped from a revised 133,000 in August, the Labor Department reported. The unemployment rate rose to a still-low 4.2% from 4.1% in August. Economists had expected September payrolls to come in at 90,000. Labor Department revisions also shaved 60,000 jobs off combined July and August payrolls.
Average hourly wages were up just 3% last year from a year earlier — smallest year-over-year gain since May 2021. The U.S. job market has proven resilient in the face of a series of shocks — trade wars, persistent inflation, high interest rates and a conflict with Iran that has driven energy prices higher.
Friday’s jobs report is the last one that will come out before the Nov. 3 elections that will determine whether President Donald Trump’s Republicans maintain full control of Congress. Futures for the S&P 500 and Nasdaq composite added to their gains after the data was released, while Treasury yields moved lower. The yield on the 10-year Treasury was 5.17%, down from 5.24% a day earlier.
The U.S. job market has recovered from a dismal 2025, but ordinary Americans remain unhappy about the economy and the high cost of living. A Thursday poll from The Associated Press-NORC Center for Public Affairs Research finds that only 17% of U.S. adults approve of Trump’s handling of the cost of living. Just 26% approve of his handling of the economy overall, marking a new low.
U.S. consumer confidence dropped this month to the lowest level in more than a decade, according to an index published by the Conference Board. One reason: More than 28% of the respondents told the business think tank that they expect fewer jobs to be available in six months, double the 14% who expect more.
The online jobs site Glassdoor reports that its employee confidence index, based on how workers view prospects for their own companies, dropped last month to the lowest level in records going back to the beginning of 2016, a period that includes a global pandemic. It was the index’s third record low this year.
“Employee confidence has been continuously grinding downward over the last year as workers grow increasingly anxious about everything from layoffs to AI,” said Glassdoor chief economist Daniel Zhao. The public’s misgivings about jobs partly reflect an odd feature of the current labor market: Employers aren’t laying off many workers, but they aren’t hiring many either.
A Labor Department measure of gross hiring before subtracting those who quit or lose their jobs has been stuck in a rut for more than two years. So economists describe a “ low-hire, low-fire ” job market in which those who have jobs are mostly secure, but jobseekers struggle to find work. In August, the average unemployed person had been out of work for more than six months, the longest average stretch of joblessness since February 2022.
“People know that being laid off is unusually costly right now,” said Glassdoor’s Zhao. “They hear from their friends how long they’ve been out of work and had such a difficult time finding a job. That does make layoffs even more scary than usual. ” In that chilly environment, fewer workers are willing to quit their jobs.
“They often feel stuck,” Zhao said. “Workers aren’t finding there’s opportunity on the open market to find a better job one that pays more or offers better work-life balance. ”
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