US adds 29,000 jobs in September as unemployment rises to 4.2%

The US added 29,000 jobs in September, according to the government's Nonfarm Payrolls Report released Friday morning. The figure missed the consensus forecast of 90,000 jobs. August's job gain was revised down to 133,000 from the originally reported 162,000. The unemployment rate rose to 4.2% from 4.1% in August, against expectations that it would remain at 4.1%. The weak labor market may give the Federal Reserve room to hold interest rates despite elevated inflation. Bitcoin remained about 2% higher for the day at $86,600. Buyers had returned to the bond market late this week after interest rates rose throughout September. Earlier in the week, short-term rate markets had nearly fully priced in a second Federal Reserve rate hike at its October 28 meeting. Those odds fell to 23% in the 48 hours before the jobs data was released.