September Job Growth Slumps Sharply Amid Rising Unemployment
The US job growth slowed sharply in September, with nonfarm payrolls increasing by only 29,000 jobs after a downwardly revised rise of 133,000 in August.
The unemployment rate increased to 4.2% last month from 4.1% in August due to more people entering the workforce.
Economists noted that payrolls tend to underperform when the Labor Day holiday falls relatively late in September, as was the case this year.