US Job Growth Slows in September
US employment growth slowed significantly in September with a gain of 29,000 jobs. The weaker labor data drove stocks higher and reduced expectations for a Federal Reserve rate hike.
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United States nonfarm payrolls increased by 29,000 jobs in September, falling short of expectations and sparking a rally across stocks and bonds. The softer labor print drove rate-hike expectations for the upcoming FOMC meeting down to 12%. Investors celebrated the weaker data as a signal that the central bank will pause further tightening.
