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Unemployment rises to 4.2%, with wage growth slowing to 3.1%

September nonfarm payrolls increased by 29,000, while the prior two months were revised down by 60,000 jobs.

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U.S. labor market data showed September nonfarm payrolls rose by 29,000, but the prior two months were revised down by 60,000, according to figures released by the U.S. Bureau of Labor Statistics, cited by HousingWire.

The unemployment rate ticked up to 4.2%, while wage growth slowed to 3.1%, a combination economists say could ease pressure on yields and mortgage rates.

HousingWire also noted the unemployment rate has held between 4.1% and 4.3% since March, and that 7.1 million people were counted as unemployed in September.

HousingWire attributed to National Association of Realtors chief economist Lawrence Yun the view that more Americans are searching for work, with nearly 700,000 more entering the job market, contributing to slower wage growth.

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