US Labor Market Slows with Tepid Jobs Growth

The US labor market showed signs of slowing in September as employers added just 29,000 jobs, far below expectations. The unemployment rate edged up to 4.2 percent.

Revisions to previous months showed 60,000 fewer jobs than initially reported, including a job loss in July rather than a gain. Jobs gains were mainly seen in health care, construction, and manufacturing sectors.

Average hourly earnings rose 3.0 percent year-over-year but continued to lag behind inflation, resulting in real wage losses for many workers.

Beth Hammack, president of the Federal Reserve Bank of Cleveland, described the labor market as stable despite the low hiring numbers and noted that the unemployment rate remains low and steady.