The US economy added only 29,000 non-farm payrolls in September 2026, significantly below the consensus forecast of approximately 90,000, according to data reported on 2 October 2026. The unemployment rate rose to 4.2% from 4.1% in August, exceeding the 4.1% forecast. Average hourly earnings grew 0.1% month-on-month versus the 0.3% expected, and 3.0% year-on-year versus 3.2% expected. August payrolls were also revised down to 133,000 from the previously reported 162,000.
The report represents a broad-based deterioration across multiple labour market metrics simultaneously: headline job creation, the unemployment rate, wage growth, and the prior month's revised figure all came in weaker than forecast.
US Treasury bonds, tracked via TLT — a fund holding long-dated US government debt — are directly connected to this release, as payroll data influences Federal Reserve rate deliberations and in turn affects yields. The US Dollar Index (DXY), which measures the dollar against a basket of major currencies, is similarly linked as softer labour data alters rate differentials. SPY and QQQ, which track the S&P 500 and Nasdaq-100 respectively, are affected through the report's implications for corporate earnings expectations tied to consumer income growth.
No official Federal Reserve statement in response to the September report appeared in the provided cluster data. The prior-day preview data had flagged mixed leading indicators including ADP employment of +90,000 and initial jobless claims of 196,000, which had not fully anticipated the degree of the miss.
Sources: investinglive.com, Bloomberg Markets, Cnbc TOP, Marketwatch TOP