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AI and automation will cut demand for about 36 million U.S. jobs by 2035 while growth elsewhere creates about 41 million, according to a new report from the McKinsey Global Institute. The jobs will exist, the authors argue, but it’s getting workers into them that’s the problem. “The next decade’s challenge is mobility, not scarcity,” they wrote. In its base case, about 11 million workers, roughly 7% of the workforce, would need to leave their occupations entirely, with a range of 6 million to 16 million. That’s close to the firm’s 2023 forecast of 12 million career switches by 2030. Most of those workers would have to jump into an entirely different field, such as retail to healthcare. McKinsey estimates about 770,000 people a year would need to make that kind of switch, roughly 3.6 times the historical average. About 788,000 workers a year made similar moves between 2019 and 2022, during the pandemic, without lasting damage, the report notes. That would represent a big...

Worker confidence weakens as US hiring slows (representative image) US employers added just 29,000 jobs in September, well below expectations, while the unemployment rate rose to 4.2%, according to government data released on Friday, pointing to a slowdown in hiring as the US heads towards pivotal midterm elections.Hiring fell sharply from a revised 133,000 in August, the labour department said. Economists had expected employers to add around 90,000 jobs last month.Revisions to earlier data also reduced combined July and August payrolls by 60,000 jobs.The unemployment rate increased from 4.1% in August to 4.2%. The rise came partly as 485,000 people entered the workforce in September, with not all of them finding jobs immediately.Average hourly wages rose 3% from a year earlier, marking the smallest year-over-year increase since May 2021.Healthcare hiring slows as governments cut jobsThe September figures showed weaker hiring across several parts of the economy. Federal, state and local governments cut 17,000 jobs, while professional and business services companies...

The US economy created 29,000 jobs in September, well below analyst forecasts of around 90,000 (SCOTT OLSON) Wall Street stocks advanced Friday after weak US jobs data lowered the odds of Federal Reserve rate hikes. Major US indices spent most of the day solidly in positive territory following the lackluster hiring data for September. Equities were also supported by a pullback in oil prices after G7 countries agreed to an emergency release of fuel reserves in light of the US-Iran war. Data showed that employment in the United States grew by 29,000 jobs in September, missing analysts' expectations of around 90,000, with the unemployment rate rising slightly to 4.2 percent. The jobs report "is lousy for the economy, but...

End-of-day quote USA 2026-10-02 ...

US employers added just 29,000 jobs in September, a sharp drop from last month’s gains, and unemployment rose slightly to 4.2%, a sign of a cooling labor market in the final jobs report before the midterm election.The numbers were under half of economists’ expectations of just under 70,000 new jobs. Most job gains were concentrated in the healthcare industry, which added 17,000 new jobs, while the information, financial and professional industries saw losses, according to the latest data from the US Bureau of Labor Statistics.Earlier jobs figures were also revised down: Initial reports from July and August altogether dropped by 60,000. The labor market contracted by 10,000 jobs in July after revisions, while August saw 133,000 jobs added.Growth in average hourly earnings slumped to 3%, the lowest rate in over five years.The unemployment rate has remained relatively steady since last year, when it hit 4.5% in November. US jobless claims also inched lower for the fourth week in a row,...

The US economy added 29,000 jobs in September, according to the latest report from the Bureau of Labor Statistics.The unemployment rate rose to 4.2% in September from 4.1% in August.Nonfarm payroll employment had been forecast to show an increase of 95,000, down from an increase of 162,000 initially reported in August, according to FactSet. That August gain has since been revised down to 133,000. Meanwhile, the unemployment rate had been forecast to remain steady at 4.1%.September Jobs Report Key StatsTotal nonfarm payrolls rose by 29,000 after rising by 133,000 in August.The unemployment rate rose to 4.2% in September from 4.1% in August.In September, average hourly wages rose by 5 cents, or 0.1%, to $37.81. This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation. The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar’s editorial policies. ...

The US job market posted lower than expected gains in September, with the Bureau of Labor Statistics also revising down the last two months' figures (Patrick T. FALLON) Employment in the United States grew by 29,000 jobs in September, missing analysts' expectations significantly, with the unemployment rate rising slightly to 4.2 percent, government data showed on Friday. Adding to the weak data, the Bureau of Labor Statistics (BLS) also revised down job figures for July and August by a combined 60,000 jobs, the department said in a statement. The revision to July's data showed that the world's largest economy lost jobs that month, as opposed to posting a gain of 21,000 as previously reported. The data comes ahead of...

NEW YORK: Major US indices spent most of the day solidly in positive territory following the lackluster hiring data for September. Equities were also supported by a pullback in oil prices after G7 countries agreed to an emergency release of fuel reserves in light of the US-Iran war.Data showed that employment in the United States grew by 29,000 jobs in September, missing analysts' expectations of around 90,000, with the unemployment rate rising slightly to 4.2 per cent.The jobs report "is lousy for the economy, but could keep the Fed from making trouble, and so the market was pretty good with it," said Chris Low of FHN Financial."Today's report may revive the 'bad news is good news' narrative, but hoping for a weaker labor market just to secure easier financial conditions is a poor tradeoff," said eToro analyst Bret Kenwell.Following a positive day on European bourses, the S&P 500 finished up 0.7 per cent, with 10 of 11 sectors in positive territory.Oil prices,...

Layoffs and discharges also differ across states for many reasons, including the economic vitality and the industry profile of the region. In 2025, the average annual layoff rate ranged from 0.8% in Washington, DC to 2.6% in Idaho. Layoffs and discharges data for states were released monthly through February 2026. At that time, BLS released December 2025 data and stated that state-level data would shift to annual release, to be published in July of each year. Source link...