U.S. September Employment Report Shows Slowdown in Hiring, Unemployment Ticks Up

U.S. employers added a disappointing 29,000 jobs in September, with the unemployment rate rising to 4.2% from 4.1% in August. Average hourly wages were up 3% year-over-year, the smallest gain since May 2021. Cleveland Fed President Beth Hammack noted that the report aligns with recent hiring trends and indicated that the Federal Reserve has time to weigh its next monetary policy move, suggesting a potential pause in interest rate hikes.