According to the September employment report released on the 2nd by the US Department of Labor's Bureau of Labor Statistics, nonfarm payrolls rose by 29,000, slowing from the previous month and falling short of market expectations. The unemployment rate was 4.2%, up from 4.1% the previous month. Economists surveyed by Reuters had forecast a gain of 90,000, with estimates ranging from 35,000 to 180,000. August nonfarm payrolls were revised down from 162,000 to 133,000, and July was revised down from a gain of 21,000 to a decline of 10,000. The weak September gain and the downward revision to August appear to stem from fluctuations related to the seasonal adjustment model the government uses to strip out seasonal variation, and economists noted that when Labor Day falls later than usual, as it did this year, employment growth tends to be subdued.
