US Adds Just 29,000 Jobs as Wage Growth Slows to 3%

The US added just 29,000 jobs in September, well below Wall Street expectations of 84,000.
Wage growth slowed to 3.0% year over year from above 4%, while July's employment figure was revised into negative territory. Healthcare accounted for 17,000 jobs, representing most of September's overall gain.
The weaker employment and wage data point to a cooling labor market rather than renewed overheating. That reduces some inflation pressure and strengthens the case for rate cuts, putting the front end of the Treasury curve in focus.