#NFPWatch : September jobs report is out and it's a miss. The US added just 29K jobs vs 90K expected, and unemployment ticked up to 4.2% from 4.1%. Wage growth also came in light. August's 162K now looks like the outlier. The Fed hiked 25 bps in September, so a soft print weakens the case for another hike in October. Caveat: September seasonal adjustments are noisy, and rising participation can push unemployment up without signaling layoffs. Watch the revisions.