September jobs report shows modest gains amid rising unemployment
The long-delayed September jobs report showed a mixed picture of the labor market.
The U.S. economy added 119,000 jobs in September, an unexpected rebound in the labor market — even as the broader economy shows signs of slowing, according to the Bureau of Labor Statistics.
The unemployment rate, which is calculated from a separate survey, edged up to 4.4%, its highest level in four years, as nearly 500,000 people entered the labor force.
The report was released nearly seven weeks late due to the government shutdown.
Additionally, the bureau reported Thursday that August’s initial gain of 22,000 jobs was revised to a 4,000-job loss, and July’s figure was lowered by 7,000.
The construction sector rebounded in September, adding 19,000 jobs. On a year-over-year basis, industry employment has increased by 38,000 jobs, representing a 0.5% rise.
“Construction employment increased in September, ending a streak of three consecutive monthly declines,” said Associated Builders and Contractors chief economist Anirban Basu.
“Despite the rebound, the industry has added just 2,000 jobs since March. While weakness is largely concentrated in the residential segment, with nonresidential employment growing at a modest pace over the past year, recent construction spending data suggests that activity in the nonresidential segment is beginning to contract as well,” he added.
Separately, the Labor Department issued an updated weekly jobless claims report indicating that layoffs didn’t spike during the government shutdown, which ended last week.
For the week ending Nov. 15, 220,000 people filed new claims for unemployment benefits, which is roughly in line with the range seen through most of 2025.
However, continuing claims, a gauge of the total unemployed population, rose by 28,000 to 1,974,000 in the week ended Nov. 8, the highest level since November 2021. The increase highlights a challenging hiring environment, making it more difficult for laid-off workers to find new employment.
Meanwhile, the Bureau of Labor Statistics will not release an October employment report. Instead, those payroll figures will be released with the November report set to be published on Dec. 16 after the Federal Reserve’s final meeting of the year.
City policies play role in buyers’ access to starter homes
An analysis of 30 U.S. markets finds that first-time buyers have a healthy shot at competing with investors for starter homes.
First-time buyers acquired 69% of these homes in 2024, compared to 31% that were purchased by investors, according to a study published Thursday by Neighbors Bank, an online financial institution. A starter home is one that a first-time buyer “could reasonably afford” without spending more than 30% of their income on housing, according to the analysis. The bank included properties purchased as second homes in its definition of investor-owned.
In some markets, investors strongly outbid other buyers. For example, in Miami, 57% of starter homes went to investors last year, the bank said. In Denver, on the other hand, that number was just 16%.
Cities that have strong policies limiting use of houses for short-term rentals or give prospective owner-occupants a leg up in competing with investors tend to see higher rates of first-time buyers in starter homes, the bank said.
Verizon cuts 13,000 jobs
Telecommunications giant Verizon announced on Thursday that it is laying off 13,000 employees as part of a broader effort to reorient the company.
Dan Schulman, who joined the company as CEO last month, said the layoffs are coming because Verizon’s “current cost structure limits our ability to invest significantly in our customer value proposition.”
“Every part of the company will experience some level of change, and we will have conversations with every affected employee to ensure they are treated with the utmost respect and care,” Schulman said in a memo to employees.
Verizon said it is creating a $20 million “Reskilling and Career Transition” fund to help laid-off employees learn new skills and land jobs elsewhere.
Verizon is the latest major company to announce layoffs this year — joining Amazon, which slashed 14,000 corporate jobs last month and U.S. automaker General Motors, which said it’s cutting 1,750 roles at electric vehicle plants.
Holiday shoppers likely to surpass 2024 mark
Nearly 187 million people are projected to shop either in person or online over the five-day holiday weekend that starts on Thanksgiving Day, according to the National Retail Federation. If that figure turns out to be right, it will exceed last year’s record count of just over 183 million shoppers.
The forecast is based on a survey of 8,000 consumers conducted over the past month, the federation said in a statement Thursday. The group conducted the survey together with Prosper Insights & Analytics. While Black Friday is still the day when most shoppers anticipate hitting the stores, 40% of respondents said they will shop on Cyber Monday. Just over a third of those surveyed said they would shop on Saturday, with most of them intending to support small businesses.
“Of those planning to take advantage of sales, over half say it’s because the deals are too good to pass up,” Prosper Insights & Analytics Executive Vice President of Strategy Phil Rist said in the statement.