US Jobs Growth Slumps to Lowest in Months

The U.S. added only 29,000 jobs in September, falling short of expectations and marking a significant decline from the 133,000 jobs created in August.

This sluggish job growth is below the average monthly increase of 45,000 over the previous 12 months.

The healthcare sector was one of the few bright spots, adding 17,000 jobs, while construction added 11,000 and manufacturing added 9,000. However, government payrolls fell by 17,000 after a surge in August, and financial activities and business services shed 7,000 and 9,000 jobs respectively.

The tepid job growth has led to a cooling of market expectations for further rate hikes by the U.S. Federal Reserve at its October monetary policy meeting.