Key Takeaways

• The September payroll gain came in far below the pace of recent years, and revisions made the summer look weaker than first reported. Inside the factory sector, one revision moved the opposite way.
• Manufacturing added jobs again, but the breadth of that hiring changed in a way that matters more to mill order books than the headline count does.
• Two metals-related subsectors moved against the broader factory trend. The pattern raises a specific question that steel buyers and sellers should put to their own customers before the next report.

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