September’s closely watched jobs report revealed further cracks in the economy, with just 136,000 jobs added last month, missing economist expectations of 145,000 for the month.
The unemployment rate hit a new low of 3.5 percent, and the annual wage growth fell to 2.9 percent, according to the government’s monthly labor market snapshot.
The disappointing data, released Friday by the Bureau of Labor Statistics, comes at the end of a turbulent week on Wall Street. All three major indices saw heavy declines, with the Dow Jones Industrial Average losing more than 1,100 points this week, after a key gauge of factory activity released Tuesday revealed the biggest slowdown in manufacturing output in a decade.
This, combined with weak hiring in the private sector and a softening in the services industry not seen since 2016, has put investors on edge around the globe.
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