WS #15240
The US labor market showed significant signs of weakening in September, with Non-Farm Payrolls adding only 29,000 jobs against an 89,000 forecast. The unemployment rate ticked up to 4.2%, and month-over-month wage growth slowed to 0.1%, well below the 0.3% expectation. This data, combined with a downward revision to prior months, has led markets to drastically reduce the probability of a Fed rate hike in October, signaling a potential pivot in monetary policy.
US Labor Market Deceleration
The US labor market showed significant signs of weakening in September, with Non-Farm Payrolls adding only 29,000 jobs against an 89,000 forecast. The unemployment rate ticked up to 4.2%, and month-over-month wage growth slowed to 0.1%, well below the 0.3% expectation. This data, combined with a downward revision to prior months, has led markets to drastically reduce the probability of a Fed rate hike in October, signaling a potential pivot in monetary policy.