US Labor Market Shows Signs of Weakness in September

The US labor market showed signs of weakness in September as nonfarm payroll employment rose by just 29,000. This number falls far short of the expected 84,000 jobs added for the month.

Despite the underwhelming job growth, the unemployment rate increased to 4.2%, surpassing the previous estimate of 4.1%. Economists had been anticipating a decline in the unemployment rate.

The Bureau of Labor Statistics reported that employment in all major industries changed little over the month.