US September Jobs Report Misses Expectations, Easing Fed Rate Hike Concerns

The U.S. economy added a weaker-than-expected 29,000 non-farm payrolls in September, significantly below the consensus estimate of 84,000. The unemployment rate also ticked up to 4.2% from 4.1% in August, although this was partly attributed to an increase in the labor force participation rate. Average hourly earnings rose a modest 0.1% month-over-month, bringing the year-over-year increase to 3.0%. This softer labor market data has reportedly eased expectations for an October Federal Reserve interest rate hike.