The September employment report released Friday showed a sharp slowdown in hiring, with nonfarm payrolls increasing by 29,000 after August’s gain was revised down to 133,000.

Economists surveyed by Reuters had expected employers to add roughly 90,000 jobs in September. The latest figure also came with significant revisions to previous months, with July’s employment figure revised from a gain of 21,000 to a loss of 10,000. August was revised down from 162,000 to 133,000. Together, the revisions reduced previously reported employment gains for July and August by 60,000 jobs.

Despite the weak payroll number, the Bureau of Labor Statistics said employment in all major industries changed little during the month. Health care continued to add jobs, gaining 17,000, although that was below its average monthly increase over the previous year.

The unemployment rate rose from 4.1% in August to 4.2% in September. The rate has remained between 4.1% and 4.3% since March, according to the BLS.

One factor complicating the September figure is the timing of Labor Day. Economists cited seasonal-adjustment volatility associated with the holiday falling late in the month as a possible reason for the unusually weak payroll number and some of the downward revisions.

There also has not been evidence of a broad wave of layoffs. Weekly initial claims for unemployment benefits remained near their lowest levels in decades in late September, suggesting that the weak hiring figures have not yet translated into widespread job losses.

Wage growth also remained positive. Average hourly earnings for private-sector workers increased by 5 cents in September to $37.81, while wages were up 3% over the previous 12 months.

Still, economists are watching several potential pressures on the labor market as the year winds down. Higher energy costs, supply-chain disruptions, and tariffs could raise business costs and potentially affect hiring decisions if those pressures persist.

The Federal Reserve is also closely watching the employment data. The central bank recently raised its benchmark interest rate by a quarter percentage point to a range of 3.75% to 4%, its first rate increase in three years. The weaker-than-expected September employment report has reduced expectations for another increase at the Fed’s October meeting.

The September report therefore presents a mixed picture: hiring was considerably weaker than expected, and previous job gains were revised lower, but unemployment remains relatively low, layoffs remain subdued, and the BLS reported little change across most major industries.