U.S. employers added a surprisingly strong 130,000 jobs last month, but government revisions cut 2024-2025 U.S. payrolls by hundreds of thousands. The unemployment rate fell to 4.3%, the Labor Department said Wednesday. The report included major revisions that reduced the number of jobs created last year to just 181,000, a third the previously reported 584,000 and the weakest since the pandemic year of 2020. The job market has been sluggish for months even though the economy is registering solid growth.
On Wednesday morning, ADP announced that private payrolls had decreased by a staggering 32,000 in the month of September. That decreased, as noted in a CNBC report, marked the largest decrease since March 2023. Additionally, a revision to the August payroll revealed a loss of 3,000. It was previously reported that private sector increased payrolls by 54,000 an August a 57,000-job swing.