The US economy added just 29,000 jobs in September, a sharp slowdown from earlier in the year, as employers paused hiring a month before the midterm elections. The unemployment rate rose slightly to 4.2 percent. The report landed in the same week that an outright ban on certain Canadian products took effect, escalating a trade fight between the two North American neighbours.
A hiring pause before the election
Economists said the weak headline figure reflected caution rather than collapse. Employers in manufacturing, logistics and retail held back, waiting to see how tariffs and the Canadian dispute resolve. Government projections now expect job gains to slow and concentrate in fewer sectors through 2032 as population growth moderates. Wage growth also cooled, which eases pressure on prices but leaves households with less room to absorb higher borrowing costs.
Bond yields and borrowing costs
A bond sell-off pushed mortgage rates to their highest level since 2023 and lifted government borrowing costs to the highest since 2002. The Federal Reserve, under chair Kevin Warsh, raised its benchmark rate for the first time in more than three years to bring prices under control. Total US public debt passed $40 trillion for the first time, roughly a one-third increase in less than five years. Big technology companies are borrowing billions to fund AI data centres, a wave of issuance now large enough to move the wider bond market.
A trade fight that rearranges supply chains
The Canadian ban forced importers to reroute cargo and rewrite contracts. Freight forwarders, warehouses and distribution centres along both borders reported sudden changes in volume as shippers searched for alternative routes. Manufacturers that had spent years building lean, cross-border supply chains are now adding buffer stock and second suppliers, a shift that raises costs but reduces exposure to a single border. Retailers warned that some shelves could thin out if the dispute runs into the holiday season.
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