US Adds 29,000 Jobs in September as Yields Fall and Stock Futures Jump
Updated
Updated · investinglive.com · Oct 2
US Adds 29,000 Jobs in September as Yields Fall and Stock Futures Jump
3 articles · Updated · investinglive.com · Oct 2
Summary
September nonfarm payrolls rose just 29,000, down from a revised 133,000 in August, as 46,000 private-sector hires were partly offset by a 17,000 drop in government jobs.
Treasury yields fell after the report, led by the front end: the 2-year dropped 6.24 basis points on the day, while markets cut the implied chance of an October Fed hike to 16%.
The dollar weakened broadly and equity futures strengthened, with the Dow up 425 points, the Nasdaq 100 up 357 and the S&P 500 up 67 as traders took the softer headline as easing pressure for further tightening.
Hiring remained concentrated in health care, construction and manufacturing, while information, financial activities and professional services kept losing jobs; over July through September, payroll growth averaged only about 51,000 a month.
That mix points to a labor market still expanding but with narrowing momentum, leaving wage and inflation data crucial for whether the Fed has room to shift course.