The US job market slowed sharply in September, which is bad news for workers and for anyone hoping for quick relief on pay, though it does push the Fed away from raising rates.

• Employers added just 29,000 jobs, far below the 90,000 expected, and unemployment ticked up to 4.2%.
• July and August numbers were revised down too, so the slowdown is deeper than first reported.
• Pay raises have stalled at their slowest in five years and are now running behind inflation, so people are falling behind on costs.
• Job seekers describe thousands of applicants per opening, more short-term contract work instead of full-time roles, and automated rejections.
• Government bond yields fell right after the report, and talk of an October rate hike disappeared.

Outlook: The Fed looks likely to sit still while weak hiring and stubborn inflation squeeze workers from both sides.