"Unemployment increased even as job growth outperformed expectations. Non-farm payroll jobs increased by 110,000, above projections for an increase of 50,000. The mismatch is at least partly caused by a significant downward revision in total jobs created in the 12 months preceding March 2025-the BLS revised their estimates of non-farm payroll positions down by 910,000, revealing a weaker job market than previously anticipated."
"According to economists consulted by Reuters, some of the weakness in the job market is caused by artificial intelligence reducing demand for college graduates and entry-level workers, contributing to a particularly difficult labor market for young people, who are already hurting from high costs of housing. A weaker job market may influence the December 9-10 meeting of the Federal Reserve Board, which must decide whether to cut interest rates again this year."
U.S. unemployment rose from 4.3 percent to 4.4 percent in September, the highest level since 2021. The September BLS report was delayed by a record-breaking 43-day government shutdown, and the November report has also been delayed. Non-farm payrolls increased by 110,000, above projections of 50,000, while the BLS revised down non-farm payroll estimates for the prior 12 months by 910,000, revealing weaker job creation than previously estimated. Artificial intelligence has reduced demand for college graduates and entry-level workers, worsening conditions for young people already facing high housing costs. The weaker labor market could affect the Federal Reserve’s December 9-10 rate decision.
Read at The American Conservative
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