September payrolls added 29,000 as revisions erased 60,000

September payrolls added just 29,000 jobs in September, and revisions erased 60,000 from the prior two months. The unemployment rate edged up to 4.2 percent, while annual wage growth slowed to 3.0 percent. The report from the Bureau of Labor Statistics on October 2 describes a labor market losing momentum, but not yet one showing a broad surge in layoffs.

Key Takeaways September payrolls increased 29,000, below the prior twelve-month monthly average of 45,000. July and August payroll estimates were revised down by a combined 60,000 on October 2. Unemployment rose to 4.2 percent, while labor force participation stayed at 61.8 percent. Private wage growth slowed to 3.0 percent over twelve month…