US Labor Market Slows Sharply in September

The US labor market showed signs of slowing down in September, with nonfarm payroll employment rising by just 29,000 jobs. This is a significant drop from the average monthly gain of 45,000 recorded over the prior 12 months.

The unemployment rate remained unchanged at 4.2 percent, while the number of unemployed people changed little at 7.1 million in September.

The Bureau of Labor Statistics (BLS) also revised down employment gains in July and August, with July's payroll growth revised to -10,000 from +21,000 and August's payroll growth revised to +133,000 from +162,000.