Manufacturing Malaise

The US economy added 136,000 jobs in September, bringing the six-month average down to 154,000 from 223,000 a year ago, and Y-o-Y wage growth eased to 2.9%, its worst showing since 7/18. Moreover, manufacturing employment shrank, confirming there’s trouble in that sector. But the unemployment rate hit 3.5%, its best level since 12/69, and there were upward revisions of 45,000 to July and August. We’re clearly slowing but not collapsing!