{"id":72513,"date":"2026-10-02T09:08:12","date_gmt":"2026-10-02T13:08:12","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-jobs-growth-slumps-to-29k-as-trump-pressures-g7-over-global-diesel-crisis\/72513\/"},"modified":"2026-10-02T09:08:12","modified_gmt":"2026-10-02T13:08:12","slug":"us-jobs-growth-slumps-to-29k-as-trump-pressures-g7-over-global-diesel-crisis","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-jobs-growth-slumps-to-29k-as-trump-pressures-g7-over-global-diesel-crisis\/72513\/","title":{"rendered":"US Jobs Growth Slumps to 29K as Trump Pressures G7 Over Global Diesel Crisis"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US Nonfarm Payrolls (NFP) grew by only 29,000 in September<\/strong>, missing economist estimates of 90,000 and marking a sharp deceleration from August&#39;s revised 133,000.<\/li>\n<li><strong>The US unemployment rate ticked up to 4.2%<\/strong>, while wage growth cooled to 0.1% month-over-month, reducing immediate pressure on the Federal Reserve for further interest rate hikes.<\/li>\n<li><strong>President Donald Trump announced an $8.4 billion oil recovery project<\/strong> with South Korea, part of a broader push for &quot;American energy dominance&quot; ahead of the November midterm elections.<\/li>\n<li><strong>G7 leaders are holding urgent meetings today<\/strong> to discuss the release of strategic diesel reserves following a &quot;veiled ultimatum&quot; from the US to European allies to lower fuel costs.<\/li>\n<li><strong>Germany has entered exploratory talks to join the GCAP fighter jet program<\/strong> with the UK, Italy, and Japan, following the collapse of its joint FCAS project with France.<\/li>\n<\/ul>\n<p>The US labor market showed significant signs of cooling in September, with the Bureau of Labor Statistics reporting a mere <strong>29,000 new jobs<\/strong> added to the economy. This figure fell drastically short of the <strong>90,000 consensus estimate<\/strong>, while prior months saw a combined downward revision of <strong>60,000 jobs<\/strong>. The <strong>unemployment rate rose to 4.2%<\/strong>, up from 4.1% in August, as the labor force participation rate edged higher to <strong>61.8%<\/strong>.<\/p>\n<p>Energy markets are currently dominated by a transatlantic standoff as <strong>President Donald Trump<\/strong> pressures European allies to release emergency diesel stockpiles. The Trump administration has threatened a potential ban on US fuel exports if G7 partners do not act &quot;immediately&quot; to cool surging global prices. <strong>French President Emmanuel Macron<\/strong> is chairing an urgent G7 videoconference today to coordinate a response and avoid unilateral trade restrictions that could cripple European industry.<\/p>\n<p>Amidst these tensions, President Trump touted a new <strong>$8.4 billion enhanced oil recovery project<\/strong> as part of a trade deal with South Korea. The project is intended to boost domestic US oil and gas production, which Trump claims will strengthen national security. This follows a separate announcement earlier this week regarding a <strong>$200 billion investment package<\/strong> from Seoul, which includes nuclear power plants and a natural gas pipeline in Texas.<\/p>\n<p>In the defense sector, a major shift in European alliances is underway as <strong>Germany<\/strong> explores joining the <strong>Global Combat Air Programme (GCAP)<\/strong>. The move comes after the <strong>Future Combat Air System (FCAS)<\/strong>, a rival project with France, was deemed unviable in June 2026. While the UK and Italy have welcomed the potential for German industrial expertise, officials warned that adding a fourth partner could delay the program\u2019s goal of fielding a sixth-generation fighter by <strong>2035<\/strong>.<\/p>\n<p>Global oil supplies remain volatile as <strong>Saudi Arabia<\/strong> reportedly raised flows through its East-West pipeline to over <strong>80% capacity<\/strong>, bypassing the Strait of Hormuz. This rerouting allows the kingdom to maintain exports of roughly <strong>4.5 million barrels per day<\/strong> from the Red Sea despite ongoing regional conflicts. Meanwhile, industry sources indicate that <strong>Russia&#39;s oil refining volumes<\/strong> fell 14% year-on-year through September, largely due to sustained Ukrainian drone strikes that have knocked out nearly <strong>45% of Russia&#39;s total refining capacity<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US Nonfarm Payrolls (NFP) grew by only 29,000 in September, missing economist estimates of 90,000 and marking a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[5012],"tags":[10561,3716,15506,4335,4491,5230,5310,6379,7378,8368,10237],"class_list":["post-72513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","tag-g7","tag-nfp","tag-gcap","tag-donald-trump","tag-energy-markets","tag-defense","tag-us-economy","tag-nonfarm-payrolls","tag-fcas","tag-spy-stock-spy","tag-uso-stock-uso"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/72513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=72513"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/72513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50383"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=72513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=72513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=72513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}