Fed Easing Odds Dented by Weaker Job Growth and Wage Stagnation

The US jobless rate rose to 4.2% in September, surpassing expectations and reducing the likelihood of the Federal Reserve easing borrowing costs this month.

Employers created just 29,000 jobs last month, falling short of forecasts and resulting in a total of 60,000 fewer jobs in July and August than initially reported.

Average hourly earnings rose only 0.1% in September and 3% over the past 12 months, indicating that inflation exceeds wage growth and may slow consumer spending.