- The U.S. economy added 29,000 jobs in September on a seasonally adjusted basis, well short of economists’ expectations, and July and August were revised down by 60,000 combined.
- Education and health services led gains at 20,000 jobs, while government lost 17,000 jobs, mostly in local government outside education.
- Unemployment edged up to 4.2%, staying inside the 4.1% to 4.3% range it has held since March, which RealPage’s economist describes as resilient but sluggish.
U.S. employers added just 29,000 jobs in September, far below economists’ expectations, according to RealPage Analytics.
Revisions also cut July and August employment by a combined 60,000 jobs, which put July back to its original net loss.
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Where Jobs Grew
Gains were moderate and concentrated. Education and health services added 20,000 jobs, trade, transportation and utilities added 18,000, and construction added 11,000.
Leisure and hospitality, last month’s leader, gained only 10,000 as the summer hiring season ended. Manufacturing and other services also posted modest gains.
Where Jobs Fell
Government shed 17,000 jobs, mainly in local government outside education. Professional and business services and mining and logging swung from gains in August to losses in September.
Financial services and information continued to lose jobs.
Why It Matters
RealPage economist Chuck Ehmann describes the labor market as resilient but sluggish. The headline unemployment rate rose slightly to 4.2% and has stayed between 4.1% and 4.3% since March.
Job growth feeds office, retail and apartment demand, so a weak monthly print and downward revisions give CRE investors and operators less cushion to lean on.
What’s Next
The next Bureau of Labor Statistics report will show whether September’s weakness was a one-off or the start of a longer slowdown, and whether revisions keep running lower.



