US employers added only 29,000 jobs in September, far below forecasts
Non-farm payrolls rose by 29,000 in September against forecasts of about 90,000 (84,000 in some surveys), according to Axios, SAN, Deseret News and Advisor.ca. Unemployment edged up to 4.2%. July was revised to a loss of 10,000 jobs and August to 133,000. Average hourly earnings rose 0.1% on the month. The Federal Reserve raised rates last month for the first time in about three years, so the report feeds the question of whether it will do so again.
The US is Ireland's largest export market for pharmaceuticals and many Irish jobs sit with US multinationals. US rates also move the dollar, which affects Irish exporters and holiday costs.
A weaker dollar makes US holidays cheaper for euro earners and slightly lowers the euro price of some imports. It also eases pressure on borrowing costs, though ECB decisions, not the Fed's, drive euro mortgage rates.
Weak jobs data lowers the chance of further Fed rate rises, which would be welcome for markets and borrowers.
It also raises worries about a US slowdown, which would hurt demand for Irish exports.
The market reaction on Friday was modest, with US shares up. The next test is the Fed's November meeting and US inflation data.
DailyDrop Ireland edition No. 1 · Morning · MON., OCT. 5, 2026