US Labor Market Data for September Showed Weak Job Growth

In September, the US labor market showed signs of slowing down: the unemployment rate rose to 4.2%, and job creation in the non-farm sector amounted to just 29,000 people. These figures significantly missed analyst forecasts and previous readings.

Hiring Slowdown

• Actual job creation (29k) fell short of the forecast (89k) and the previous reading (133k).
• The unemployment rate exceeded the expected 4.1%, reaching 4.2%.

Wage Growth

• Average hourly earnings on a year-over-year basis came in at 3.0%, below the forecast of 3.2%.
• Monthly wage growth was modest at 0.1%, against an expected 0.3%.