US September jobs growth collapses to 29K, Fed rate path in question

US nonfarm payrolls rose by only 29,000 in September, a sharp deceleration from prior months and well below expectations, signaling a rapid cooling in the labor market. The Fed, which has been weighing further rate hikes, now faces a more complex decision as growth risks mount. The data raises the probability of a pause or pivot, though inflation remains a counterweight.