US adds just 29,000 jobs in September as July and August are revised lower

• US added 29,000 jobs in September, significantly below the 90,000 estimate.
• July and August job numbers were revised down by a total of 60,000.
• Average hourly earnings rose 0.1% month-over-month and 3% year-over-year, both below estimates.
• Healthcare, construction, and manufacturing saw job gains, while government and financial activities experienced losses.
• Market reaction was positive, with bond yields falling and stock futures rising, as the weaker data implies a less hawkish Federal Reserve.

The September US jobs report showed a significant slowdown, adding only 29,000 jobs against an estimated 90,000. Additionally, July and August job numbers were revised down by a combined 60,000. This weaker-than-expected data, coupled with moderating wage growth, has led to a 'bad news is good news' market reaction, with bond yields falling and stock futures rising due to reduced expectations for future Fed rate hikes.