September hiring slows sharply as unemployment and pay figures shift

Employers added 29,000 jobs in September, far below economists’ forecast of 84,000, and the unemployment rate rose to 4.2%. Average hourly earnings increased 0.1% for the month and 3% from a year earlier, the slowest annual pace since May 2021.

Revisions cut 60,000 jobs from earlier counts: August’s gain was lowered to 133,000, and July was revised to a loss of 10,000. Health care added 17,000 jobs, while information, financial and professional services lost jobs.

The report strengthened market expectations that the Federal Reserve will hold rates at its October meeting. Markets rose after its release, while the 10-year Treasury yield fell. Mortgage rates had reached 7.28% on Thursday, their highest level in three years.

Read the full story at northeasttimes.com.