September 2026 – Monthly Commentary
The September jobs report was exactly what the FOMC needed to justify their stance on monetary policy. The job gains in September had been expected to total 90,000, but were only 29,000, and the 162,000 jobs initially reported for August were revised lower to 133,000.
Headline unemployment rate rose from 4.1% to 4.2% but that was due to a rise in the labor force that exceeded household employment growth, both positive indicators.
