US non-farm payroll employment grew 194k only in September, well below expectation of 500k. Total employment is still down by -5.0m, or -3.3% from its pre-pandemic level in February 2020. Unemployment rate dropped notably from 5.2% to 4.8%, better than expectation of 5.1%. Labor force participation rate was little changed at 61.6%. Average hourly earnings rose 0.6% mom versus expectation of 0.5% mom.