US Nonfarm Payrolls Increase by 29,000 in September, Unemployment Rises to 4.2%

The US labor market showed slower hiring in September, with nonfarm payrolls increasing by 29,000 jobs, a significant drop from the downwardly revised 133,000 rise in August. The unemployment rate also rose to 4.2%, indicating a softening in the job market. This data has led to a decrease in expectations for further Federal Reserve rate hikes.