Mmastodon BusinessEconomy first seen 7 h ago, last 10 min ago, peak #6

US September jobs report badly misses forecasts

Original: Expected 84K jobs. Got 29K. MISS. September's employment report is a disaster: 65% below forecast, unemployment ticked U

The September US employment report showed just 29,000 jobs added, far below the expected 84,000, while unemployment rose to 4.2% and monthly wage growth slowed to 0.1%. Economists also note that around 60,000 jobs were cut from previous months' figures. Markets are now betting heavily that the Federal Reserve will cut interest rates soon in response to the weak data.

Why now: The unexpectedly weak jobs data is fueling speculation about imminent Federal Reserve rate cuts.

United StatesFederal Reservelabor market

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Evidence

• Expected 84K jobs. Got 29K. MISS. September's employment report is a disaster: 65% below forecast, unemployment ticked UP to 4.2%, wage growth collapsed to 0.1% monthly. Previous months got gutted—60K jobs revised away. Markets are pricing in rate cuts NOW. Bonds are… · cbarbermd · 3

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