Wall Street is watching the labor market for signs of slower hiring, which could influence the Federal Reserve's next rate decision.
Employers added 254,000 jobs in September, blowing away forecasts and reversing a slowdown in hiring that had prompted the Federal Reserve to make a jumbo rate cut at its meeting last month. Economists had forecast 140,000 new jobs, according to financial data provider FactSet. The unemployment rate inched down to 4.1%, versus 4.2% in the prior month.
'Today's data hit a grand slam with payrolls coming in strong, positive revisions and unemployment falling,' noted Lindsay Rosner, head of multisector investing within Goldman Sachs Asset Management, in an email. 'The economy is heading into the post-season solidly.The strong data could give the Fed more flexibility at its November rate cut meeting, giving the central bank the breathing room to either issue a smaller rate cut of 0.25 percentage points, versus its 0.
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