U.S. added 29,000 jobs in September, supporting a pause in rate hikes in October

Brian Jacobsen, Chief Economist at Annex Wealth Management, stated that the US job market is not as strong as initially thought. The July figures were revised down to negative growth, and although there was a good rebound in August, the recovery came to an abrupt halt in September, with only 29,000 jobs added. The employment diffusion index has fallen below 50 once again. Federal Reserve Chairman Waller was previously concerned about the breadth of inflation, but now he will have to consider the lack of breadth in the job market. This data supports pausing interest rate hikes in October.