US Labor Market Slows Sharply in September Amid 4.2% Unemployment Rate

The US labor market saw a significant slowdown in September, with nonfarm payroll employment increasing by just 29,000. The unemployment rate remained steady at 4.2 percent.

The Bureau of Labor Statistics (BLS) reported that the number of unemployed people also changed little, standing at 7.1 million in September. Employment growth has averaged around 45,000 per month over the past year, but September's gain fell short of this mark.

All major industries saw minimal changes in employment numbers, with healthcare being a notable exception. The sector added 17,000 jobs, although at a slower pace than its average monthly gain of 33,000 over the previous 12 months.