September employment loses momentum

[WASHINGTON] Employers in the US added fewer workers to payrolls than projected in September, indicating the world's largest economy had little momentum leading up to the federal government shutdown.

The addition of 148,000 workers followed a revised 193,000 gain in August that was larger than initially estimated, Labor Department figures showed yesterday in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 180,000 advance. Unemployment fell to 7.2 per cent, the lowest level since November 2008.

Stocks and Treasuries climbed as the report supported expectations that the Federal Reserve won't be in a hurry to reduce the monthly bond purchases aimed at spurring growth and employment. The Dow Jones Industrials added 0.7 per cent in the first hour of trading, with strong gains seen in European bourses as well.