US Jobs Market Slows Sharply in September, Unemployment Rate Rises
The US jobs market saw a significant slowdown in September, according to new data from the Bureau of Labor Statistics. Private payrolls increased by just 29,000, falling short of expectations of 84,000 new jobs. The unemployment rate also rose, contrary to predictions that it would remain steady at 4.1%.
The healthcare, construction, and manufacturing sectors were among those showing gains, while financial activities saw a decline. This marks a substantial slowdown from August's figures, which have now been revised downward to 133,000 new jobs.
Revisions to previous months' data also showed that July's numbers were overstated, with the actual job loss being 10,000 more than initially reported. The overall effect is a reduction of 60,000 fewer jobs than previously thought.