US unemployment rate hits 4.2% in September as payrolls miss sharply, revisions show prior weakness

The unemployment rate rose to 4.2% in September from 4.1%, above the 4.1% estimate. Nonfarm payrolls added just 29,000 versus 90,000 expected. July payrolls were revised to a 10,000 loss, and August was cut to 133,000, a combined 60,000 downward revision. The number of unemployed rose by 78,000 to 7.109 million. The labor force expanded by 485,000 to 170.262 million, lifting the participation rate to 61.8%.