"US job growth blew past expectations in September painting a rosy pre-shutdown picture and delivering the largest jobs gain in 5 months. Despite the data already being out of date, this will be the only major jobs release prior to the Fed's end of year meeting. Given the Fed minutes showed hesitancy within the ranks when it comes to a final interest rate cut in 2025, the strength of this jobs report will likely ensure nothing changes."
"The US economy added 119,000 jobs in September, far ahead of consensus of 50,000. The unemployment rate came in at 4.4% in September, slightly higher than Augusts 4.3%. Average Hourly Earnings rose 0.2% month-on-month."
"So, the sleigh bells will not be ringing this December at the Fed. Instead of a perfectly wrapped rate cut, the US consumer is likely to be met with a lump of coal."
US payrolls increased by 119,000 in September, well above the 50,000 consensus. The unemployment rate edged up to 4.4% from August's 4.3%. Average Hourly Earnings rose 0.2% month-on-month. The monthly jobs gain was the largest in five months, signaling continued labor-market resilience. With this being the sole major jobs release before the Federal Reserve's year-end meeting and Fed minutes showing reluctance about a final 2025 rate cut, the strong payrolls print makes a December policy easing unlikely and reduces near-term prospects for rate reductions.
Read at London Business News | Londonlovesbusiness.com
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