Wednesday, November 11, 2026Mortgage news · Rates & market context

Jobs · ORIGINAL ECONOMIC RELEASE

September 2026 Employment Situation

Both nonfarm payroll employment (+29,000) and the unemployment rate (4.2 percent) changed little in September, the U.S. Bureau of Labor Statistics reported today. Employment in all major industries changed little over the month.

Historical releaseThe figures below describe the original reporting period. They are not today’s rates or a current economic forecast.Today’s market brief →

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Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

Both nonfarm payroll employment (+29,000) and the unemployment rate (4.2 percent) changed little in September, the U.S. Bureau of Labor Statistics reported today. Employment in all major industries changed little over the month.

This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note.

Household Survey Data

Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1 million, changed little in September. The unemployment rate has remained in a narrow range of 4.1 percent to 4.3 percent since March. (See table A-1.)

Among the major worker groups, the unemployment rate for people who are Black (7.0 percent) increased in September. The jobless rates for adult men (3.9 percent), adult women (3.6 percent), teenagers (14.5 percent), and people who are White (3.6 percent), Asian (2.9 percent), or Hispanic (4.7 percent) showed little change over the month. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 1.9 million in September. The long-term unemployed accounted for 27.1 percent of all unemployed people. (See table A-12.)

Both the labor force participation rate, at 61.8 percent, and the employment-population ratio, at 59.2 percent, changed little in September. These measures showed little net change since January. (See table A-1.)

The number of people employed part time for economic reasons changed little at 4.5 million in September. These individuals would have preferred full-time employment but were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

In September, the number of people not in the labor force who currently want a job changed little at 5.8 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.)

Among those not in the labor force who wanted a job, the number of people marginally attached to the labor force decreased by 236,000 to 1.5 million in September. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, changed little over the month at 414,000. (See Summary table A.)

Establishment Survey Data

Total nonfarm payroll employment changed little in September (+29,000), following an average monthly gain of 45,000 over the prior 12 months. Employment in all major industries changed little over the month. (See table B-1.)

Health care employment continued its upward trend in September (+17,000), but at a slower pace than the average monthly gain over the prior 12 months (+33,000). In September, employment continued to trend up in ambulatory health care services (+13,000) and in hospitals (+12,000), while nursing and residential care facilities lost jobs (-9,000).

Employment in construction changed little in September (+11,000). The industry had added an average of 10,000 jobs per month over the prior 12 months. In September, employment in nonresidential specialty trade contractors continued to trend up (+12,000).

Manufacturing employment was little changed in September (+9,000) but is up by 72,000 since a recent low in December 2025. Over the month, employment increased in plastics and rubber products manufacturing (+5,000) and in machinery manufacturing (+5,000).

In September, financial activities employment was little changed (-7,000). Employment in financial activities is down by 129,000 since a recent peak in May 2025, with most of the job loss in insurance carriers and related activities (-90,000).

Employment also showed little change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; transportation and warehousing; information; professional and business services; social assistance; leisure and hospitality; other services; and government.

In September, average hourly earnings for all employees on private nonfarm payrolls edged up by 5 cents, or 0.1 percent, to $37.81. Over the past 12 months, average hourly earnings have increased by 3.0 percent. In September, average hourly earnings of private-sector production and nonsupervisory employees rose by 7 cents, or 0.2 percent, to $32.60. (See tables B-3 and B-8.)

The average workweek for all employees on private nonfarm payrolls remained at 34.4 hours in September. In manufacturing, the average workweek was unchanged at 40.6 hours, and overtime held at 3.0 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained at 33.8 hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for July was revised down by 31,000, from +21,000 to -10,000, and the change for August was revised down by 29,000, from +162,000 to +133,000. With these revisions, employment in July and August combined is 60,000 lower than previously reported. (Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.)

The Employment Situation for October 2026 is scheduled to be published on Friday, November 6, 2026, at 8:30 a.m. (ET).

Source: U.S. Bureau of Labor Statistics · Original release Oct 2, 2026.

Archived Nov 11, 2026. Source reuse policy. Formatting has been adapted for reading; the source’s conclusions remain attributed to its publisher.

MortgageRates.news analysis · Historical context

The mortgage market around this release

This original analysis is separate from the source article. It compares observed benchmarks around ; historical averages and yields are not current mortgage offers.

Read beyond one jobs number

The Employment Situation combines two surveys: establishment data measure payroll jobs, hours and earnings, while household data measure people’s employment status and the unemployment rate. A payroll-job change and an unemployment-rate change therefore answer different questions. Check the reference period, participation and revisions alongside the headline. Labor-market conditions inform the policy outlook, but a later mortgage-rate change can reflect many developments; this calendar window cannot identify the report as its cause. BLS Employment Situation tables and technical notes.

Nearest published observation on or before each target date
Benchmark30 days earlierSep 2, 2026Publication referenceOct 2, 202630 days laterNov 1, 2026
30-year fixed mortgageNational weekly averageFreddie Mac Primary Mortgage Market Survey®6.66%Observed 7.28%Observed +62 bps vs. earlier reference7.24%Observed −4 bps vs. publication reference
10-year TreasuryDaily par yieldU.S. Department of the Treasury4.79%Observed 5.28%Observed +49 bps vs. earlier reference4.94%Observed −34 bps vs. publication reference

Calendar references, not an intraday reaction. A same-day market observation may have been published after a morning release. These figures do not show what was known at its exact publication time. One basis point (bp) is 0.01 percentage point; changes use the actual dated observations shown.

Six months around publication

Jul 2, 2026 – Jan 2, 2027
Historical mortgage and Treasury observations around Oct 2, 2026Each dot is a published observation. No missing values are estimated. The dashed vertical line marks the article’s publication calendar date. Rates and yields are percentages.4.00%5.75%7.50%Publication date30-year fixed mortgage: 6.43% · Jul 2, 202630-year fixed mortgage: 6.49% · Jul 9, 202630-year fixed mortgage: 6.55% · Jul 16, 202630-year fixed mortgage: 6.58% · Jul 23, 202630-year fixed mortgage: 6.66% · Jul 30, 202630-year fixed mortgage: 6.69% · Aug 6, 202630-year fixed mortgage: 6.67% · Aug 13, 202630-year fixed mortgage: 6.65% · Aug 20, 202630-year fixed mortgage: 6.66% · Aug 27, 202630-year fixed mortgage: 6.71% · Sep 3, 202630-year fixed mortgage: 6.76% · Sep 10, 202630-year fixed mortgage: 6.95% · Sep 17, 202630-year fixed mortgage: 7.03% · Sep 24, 202630-year fixed mortgage: 7.28% · Oct 1, 202630-year fixed mortgage: 7.40% · Oct 8, 202630-year fixed mortgage: 7.40% · Oct 15, 202630-year fixed mortgage: 7.32% · Oct 22, 202630-year fixed mortgage: 7.24% · Oct 29, 202630-year fixed mortgage: 7.18% · Nov 5, 202610-year Treasury: 4.49% · Jul 2, 202610-year Treasury: 4.48% · Jul 6, 202610-year Treasury: 4.55% · Jul 7, 202610-year Treasury: 4.56% · Jul 8, 202610-year Treasury: 4.54% · Jul 9, 202610-year Treasury: 4.56% · Jul 10, 202610-year Treasury: 4.62% · Jul 13, 202610-year Treasury: 4.58% · Jul 14, 202610-year Treasury: 4.55% · Jul 15, 202610-year Treasury: 4.57% · Jul 16, 202610-year Treasury: 4.55% · Jul 17, 202610-year Treasury: 4.60% · Jul 20, 202610-year Treasury: 4.63% · Jul 21, 202610-year Treasury: 4.67% · Jul 22, 202610-year Treasury: 4.71% · Jul 23, 202610-year Treasury: 4.69% · Jul 24, 202610-year Treasury: 4.65% · Jul 27, 202610-year Treasury: 4.61% · Jul 28, 202610-year Treasury: 4.67% · Jul 29, 202610-year Treasury: 4.68% · Jul 30, 202610-year Treasury: 4.75% · Jul 31, 202610-year Treasury: 4.70% · Aug 3, 202610-year Treasury: 4.63% · Aug 4, 202610-year Treasury: 4.63% · Aug 5, 202610-year Treasury: 4.69% · Aug 6, 202610-year Treasury: 4.65% · Aug 7, 202610-year Treasury: 4.72% · Aug 10, 202610-year Treasury: 4.70% · Aug 11, 202610-year Treasury: 4.68% · Aug 12, 202610-year Treasury: 4.63% · Aug 13, 202610-year Treasury: 4.68% · Aug 14, 202610-year Treasury: 4.72% · Aug 17, 202610-year Treasury: 4.71% · Aug 18, 202610-year Treasury: 4.65% · Aug 19, 202610-year Treasury: 4.69% · Aug 20, 202610-year Treasury: 4.74% · Aug 21, 202610-year Treasury: 4.70% · Aug 24, 202610-year Treasury: 4.64% · Aug 25, 202610-year Treasury: 4.66% · Aug 26, 202610-year Treasury: 4.67% · Aug 27, 202610-year Treasury: 4.73% · Aug 28, 202610-year Treasury: 4.75% · Aug 31, 202610-year Treasury: 4.79% · Sep 1, 202610-year Treasury: 4.79% · Sep 2, 202610-year Treasury: 4.77% · Sep 3, 202610-year Treasury: 4.78% · Sep 4, 202610-year Treasury: 4.80% · Sep 8, 202610-year Treasury: 4.83% · Sep 9, 202610-year Treasury: 4.95% · Sep 10, 202610-year Treasury: 4.96% · Sep 11, 202610-year Treasury: 4.97% · Sep 14, 202610-year Treasury: 5.00% · Sep 15, 202610-year Treasury: 5.01% · Sep 16, 202610-year Treasury: 4.94% · Sep 17, 202610-year Treasury: 5.01% · Sep 18, 202610-year Treasury: 4.96% · Sep 21, 202610-year Treasury: 4.96% · Sep 22, 202610-year Treasury: 5.11% · Sep 23, 202610-year Treasury: 5.18% · Sep 24, 202610-year Treasury: 5.17% · Sep 25, 202610-year Treasury: 5.24% · Sep 28, 202610-year Treasury: 5.26% · Sep 29, 202610-year Treasury: 5.29% · Sep 30, 202610-year Treasury: 5.24% · Oct 1, 202610-year Treasury: 5.28% · Oct 2, 202610-year Treasury: 5.31% · Oct 5, 202610-year Treasury: 5.27% · Oct 6, 202610-year Treasury: 5.28% · Oct 7, 202610-year Treasury: 5.22% · Oct 8, 202610-year Treasury: 5.24% · Oct 9, 202610-year Treasury: 5.21% · Oct 13, 202610-year Treasury: 5.19% · Oct 14, 202610-year Treasury: 5.10% · Oct 15, 202610-year Treasury: 5.09% · Oct 16, 202610-year Treasury: 5.15% · Oct 19, 202610-year Treasury: 5.12% · Oct 20, 202610-year Treasury: 5.13% · Oct 21, 202610-year Treasury: 4.96% · Oct 22, 202610-year Treasury: 5.00% · Oct 23, 202610-year Treasury: 5.00% · Oct 26, 202610-year Treasury: 4.99% · Oct 27, 202610-year Treasury: 5.05% · Oct 28, 202610-year Treasury: 4.98% · Oct 29, 202610-year Treasury: 4.94% · Oct 30, 202610-year Treasury: 4.91% · Nov 2, 202610-year Treasury: 4.95% · Nov 3, 202610-year Treasury: 4.90% · Nov 4, 202610-year Treasury: 4.84% · Nov 5, 202610-year Treasury: 4.86% · Nov 6, 202610-year Treasury: 4.88% · Nov 9, 202610-year Treasury: 4.98% · Nov 10, 2026Jul 2, 2026Oct 2, 2026Jan 2, 2027
30-year fixed mortgage19 observations10-year Treasury91 observations
Dots show published observations only. Missing dates remain blank, with no interpolation. The future portion of the window has no observations. The series have different publication schedules and measure different markets.

What that benchmark difference would mean for a $300,000 loan

At the publication reference$2,052.64/month

7.28% · Oct 1, 2026

At the later reference$2,044.49/month

7.24% · Oct 29, 2026

The illustrative principal-and-interest payment is $8.14 lower per month. This holds the loan amount and term constant to show the arithmetic effect of the benchmark difference.

Assumptions: two separate hypothetical $300,000 loans, each fully amortizing over 30 years with 360 monthly payments and its stated fixed interest rate. Excludes points, lender fees, taxes, insurance, association charges and other costs. PMMS is a national average, not an APR or a personalized rate offer. These are not two payments on one existing loan.

Sources, historical coverage and calculation limits

The 30-day comparisons use calendar days. Each cell selects the last published observation on or before its target; no rates are synthesized for missing dates. Gaps greater than seven days for daily Treasury data or fourteen days for weekly mortgage data are marked unavailable. Forward comparisons require the date to have arrived and source coverage to extend through it.

Historical files may contain revisions and do not reconstruct precisely what every market participant knew at the time. Freddie Mac changed its PMMS collection methodology in November 2022. Cross-period comparisons should account for that change. These windows include other news and cannot establish causation or forecast the next rate move.

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