US job growth in September is the slowest this year

A Panda Express restaurant displays a"Now Hiring" sign in Tampa, Florida on June 1 2021. Picture: REUTERS/Octavio Jones/File Photo

The September increase was weaker than all but one estimate in a Bloomberg survey of economists. The median projection was for a 500,000 rise. US stocks fluctuated, Treasury yields rose and the dollar remained lower. The jobs figures risk not satisfying the Fed’s “substantial further progress” criteria for labour market improvement, indicating the central bank could delay its plan to begin tapering asset purchases by year-end.

Vaccine mandates, specifically in healthcare and education, put into place by employers and some states in recent weeks could also be contributing to churn in the labour market and adding to hiring challenges. The report showed employment in nursing and residential care dropped 37,600.

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