US Job Market Stalls as Healthcare Hiring Dominates

The US job market saw a sharp decline in September, with new jobs created falling to just 29,000. This is significantly lower than the 88,000 predicted by economists surveyed by Bloomberg.

The unemployment rate ticked up from 4.1% to 4.2%, and job growth over the past six months has slowed steadily.

Healthcare jobs continue to dominate new hiring, but experts warn that AI-related infrastructure investments are leading to increased automation in other sectors.

The Federal Reserve is likely to take a more patient approach to interest rates following this data, with many economists predicting no further hikes until next year.