CIBC Research reviews today's US September jobs report.

"US job report came in softer than expected. September added 29K jobs in the US labour market, below the consensus expectation of 90K. Downward revisions brought employment in July and August combined 60K lower than previously expected. The downward revisions and the soft September print brings the unemployment rate to 4.2% from 4.1%. Average hourly earnings rose just 0.1% m/m, below the 0.3% consensus expectation, which pulled the annual wage growth to just 3.0%, down from 3.1%. The participation rate ticked up slightly from 61.6% to 61.8%," CIBC notes.

"This release suggests that while job gains are softer than previously thought, unemployment rate still remain low. This means the September CPI report will be a crucial data point mid-month for the upcoming FOMC meeting," CIBC adds.