US economy adds just 29,000 jobs in September as hiring slows sharply
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U.S. payroll growth slowed sharply in September, with nonfarm payrolls increasing by 29,000. The figure landed as the Federal Reserve was weighing whether to raise interest rates further, while market commentary tied the report to expectations around the October meeting.
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What it means
Workers, employers and financial market participants would notice the September payroll report right away because it showed hiring slowing sharply. The figure also mattered for anyone watching the Federal Reserve, since the report landed while the central bank was weighing whether to increase interest rates further.
In practice, this report changes the context around the October Fed meeting, because a 29,000-job gain is now the latest labor-market reading in view. What stays the same is that the decision has not been made yet, so the meeting outcome remains open.
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Financial Times
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