US Payroll Growth Slows Sharply in September

The US economy experienced a slowdown in payroll growth in September, according to the latest employment report. Nonfarm payrolls rose by just 29k, falling short of the expected 90k gain and following a 133k increase in August.

The prior two months' numbers were revised lower, with a total decrease of 60k. Over the past three months, average payroll growth has been around 51k per month.

Private sector hiring contributed to this number, increasing by 46k but down from the previous month's 89k gain. Gains were concentrated in health care and social assistance, construction, manufacturing, and leisure and hospitality sectors.