US Job Market Slows Down Ahead of Midterms

The US job market slowed down in September, adding only 29,000 jobs and increasing the unemployment rate to 4.2%. The Labor Department reported that hiring dropped from a revised 133,000 in August, while economists had expected around 90,000 new jobs.

The unemployment rate ticked up due to 485,000 people entering the workforce, but not all of them found jobs right away. Professional and business services companies trimmed 9,000 jobs last month, while healthcare companies created 17,000 jobs, which is barely half the average they've added over the past year.

The slowdown in hiring might reflect concerns about the economy, as consumer confidence dropped to its lowest level in more than a decade. The Federal Reserve may be inclined to keep interest rates unchanged due to the weaker job market.