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US nonfarm payrolls fall to 29K as wages cool
The unemployment rate edged up to 4.2% while September payrolls were far below the 90K consensus.
US nonfarm payrolls slowed sharply to 29K in September, down from a revised 133K in August, well below the 90K consensus, according to Action Forex. The unemployment rate rose from 4.1% to 4.2%, exceeding expectations for no change.
The report also included weaker revisions, with July payrolls revised from a gain of 21K to a decline of 10K, and August revised down from 162K to 133K. Combined, employment in July and August came in 60K lower than previously reported, Action Forex said.
Wage growth cooled materially, with average hourly earnings slowing from 0.3% to 0.1% month over month, missing the 0.3% consensus, while annual earnings growth was 3.0% year over year. The average workweek was unchanged at 34.4 hours.
Hiring was soft across much of the economy, Action Forex reported, with health care adding 17K jobs, construction 11K, and manufacturing 9K, while government employment fell 17K and professional and business services declined 9K. In the household survey, labor force participation rose from 61.6% to 61.8% and household employment increased by 406K, suggesting the unemployment uptick was not solely due to broad job destruction.