US payrolls disappoint, easing upward pressure on yields and the dollar
The US job creation engine decelerated sharply in September, adding to market bets on a short pause in the Federal Reserve’s tightening campaign in October. According to the Bureau of Labor Statistics, 29,000 jobs were added in the month—representing an undershoot relative to the 90,000-consensus forecast—while the previous two months were revised down by a total 60,000 positions, bringing the three-month average pace of job creation down to 51,000, from 71,000 ahead of the update. The unemployment rate unexpectedly ticked up to 4.2% percent from 4.1% in August, and average hourly earnings climbed just 0.1% month-over-month, slowing from the 0.3%...