Sarah House

In terms of your real wages, that's basically getting wiped out by inflation right now.

It is a significant slowdown from the pace of hiring earlier this year.

And economist Sarah House of Wells Fargo notes it's only a handful of industries that are actually adding jobs, mostly health care, some construction.

But factories, financial services, delivery companies, they all cut jobs last month.

The Federal Reserve has been worried about weakness in the job market, which is why the central bank decided to cut interest rates last week.

And this report more or less confirms that the Fed was right to be concerned.