US jobs slow down
US employers slammed the brakes on hiring over the last two months and wages fell in September, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year.
Payrolls outside of farming rose by 142,000 last month and August figures were revised sharply lower to show only 136,000 jobs added that month, the Labor Department said yesterday.
That marked the smallest two-month gain in employment in over a year and could fuel fears that the China-led global economic slowdown is sapping America's strength.
"You can't throw lipstick on this pig of a report," said Brian Jacobsen, a portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.
The weak job growth took Wall Street by surprise and US stocks sold off sharply. The dollar also weakened and yields for government bonds fell. (Reuters)