Slower Than Expected Job Growth in September

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Canada as a whole added 229,100 jobs in September of 2017 compared to September 2018.

The US economy continued to smash expectations and break records in September, with recently released data showing the unemployment rate dropping to just 3.7%; the lowest level since December 1969. The Labor Department said non-farm payroll employment climbed by 134,000 jobs in September, while street had expected an increase of about 185,000 jobs. The labor force participation rate fell by 0.2 to 62.7 percent.

The average hourly wage in the U.S. last month increased by 0.3% compared to August and by 2.8% for the year, both indicators have coincided with market expectations.

The September Employment Report was solid despite slower than expected job growth.

The US jobless rate tumbled in September to its lowest level since December 1969, even as job creation slowed, likely due in part to Hurricane Florence, the government reported. The combination of wages and jobs means that overall payrolls rose by 0.5 percent in August - a good foundation for future growth. Friday's report revised August's count of new jobs from 201,000 to 270,000, while July's tally was revised from 165,000 new jobs.

Economists forecast another robust month of job gains.

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And many analysts see the unemployment rate continuing to decline this year, ramping up pressure on wages and prices. In the Household Survey, employment rose 420,000, reversing August's 423,000 fall.

Job gains were noted in healthcare, up 26,000, transportation and warehousing, up 24,000, and construction, up 23,000.

Extending losses for second straight session, the US markets ended lower on Friday on worries about runaway inflation spurred by the sudden jump in US Treasury bond yields.

Dow Jones Industrial Average declined 180.43 points or 0.68 percent to 26,447.05, Nasdaq slipped 91.06 points or 1.16 percent to 7,788.45 and the S&P 500 was down by 16.04 points or 0.55 percent to 2,885.57.

Some measures showed the labor market may still have some room for further improvement.