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.
Isaac Stell, Investment Manager at Wealth Club said, “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“Despite the data already being out of date, this will be the only major jobs release prior to the Fed’s end of year meeting.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.
“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.”
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