One Big Headline
US Hiring Jumps
US employers added 254,000 nonfarm jobs in September—the highest jobs growth in six months. The figure is up from the upwardly revised 159,000 jobs in August and better than the 150,000 jobs economists had expected, according to government data released yesterday.
The unemployment rate in September ticked down to 4.1% from 4.2% in the previous month. Most of the jobs were added in food services and drink establishments (69,000), healthcare (45,000), government (31,000), and social assistance (27,000). Average hourly earnings in September rose 0.4% month-over-month and 4% year-over-year, both higher than economist estimates of 0.3% and 3.8%, respectively. See all data here.
Analysts suggest the data likely rule out another half-percentage-point interest rate cut by the Federal Reserve at its upcoming November meeting. However, a quarter-percentage drop is still expected, at least twice, before the end of this year. Last month, the Fed reduced its benchmark federal funds rate (see overview) to a range of 4.75% to 5%, marking its first rate cut since March 2020.
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Originally Posted by UTAH
