September Payrolls Increase by 29,000 as Fed Sets October Dates

U.S. nonfarm payrolls increased by 29,000 in September, while unemployment held at 4.2%, adding labor-market data to the context for the Federal Reserve’s upcoming policy decisions.

Average hourly earnings for private-sector workers rose 3.0% over the 12 months through September. Payroll estimates for July and August were revised down by a combined 60,000.

The Fed’s latest policy statement set its federal funds target range at 3.75% to 4% and described inflation as elevated.

Minutes from the Fed’s Sept. 15–16 meeting are scheduled for release Oct. 7. The central bank’s next policy meeting is scheduled for Oct. 27–28.