Sluggish jobs report disappoints markets

The September jobs report was released this morning meeting some estimates and falling short of others. Payrolls added 142K jobs, far below the 200K forecast while the unemployment rate met expectations and remained steady at 5.1 percent. Average hourly wages remained unchanged.

This lackluster jobs report can be attributed to the slowdown in global growth, a strong dollar and falling oil prices that ultimately caused manufacturers and exporters to hesitate before taking on more staff. Accordingly mining, manufacturing and wholesale trade sectors lost jobs. Healthcare, professional services and leisure were the top areas of job gains.

"This sluggish report and the prior report which was revised down has added to investor jitters that the  U.S. economy may be slowing amid the global    uncertainty despite the latest solid 3.9% GDP report", says Voya Global.