US Job Market Slows Sharply in September with Meager Payroll Growth
The US job market experienced a significant slowdown in September, with nonfarm payroll employment increasing by only 29,000. This is a stark contrast to the average monthly gain of 45,000 recorded over the prior 12 months.
The unemployment rate remained unchanged at 4.2%, and the number of unemployed people also changed little, standing at 7.1 million in September. Healthcare employment continued to trend upward, with the sector adding 17,000 jobs, but this was slower than the average monthly gain of 33,000 recorded over the prior 12 months.
Manufacturing employment saw a slight increase of 9,000, while financial activities employment declined by 7,000. The BLS data also showed downward revisions to employment gains in the previous two months, with July payroll growth revised to -10,000 from +21,000 and August payroll growth revised to +133,000 from +162,000.