BofA Data Shows US September Nonfarm Payrolls Growth Slowing

The signal here is the direction of travel rather than the level: payroll growth decelerating alongside cooling wage gains for low-income households suggests a labor market losing momentum, though those wages still outpace higher earners. The falling benefit payments cut against a sharp deterioration narrative. Because this is deposit-based BofA data using a three-month average, it is a softer read than official statistics, so whether the deceleration persists in subsequent months is the open question.