Blowout September jobs report defies fears of slowdown

The US job market grew tremendously in September as employers added 254,000 jobs, surpassing the Wall Street prediction of 150,000 jobs. The unemployment rate fell to 4.1%, according to government data released yesterday.

Friday’s job data raises optimism that the economy is holding strong and can achieve a soft landing.

Most of the jobs were added in the hospitality and construction sectors.

Average hourly earnings in September rose 0.4% month-over-month and 4% year-over-year.

Experts opine that the strong numbers mean the Federal Reserve may rule out another half-percentage-point interest rate cut in its next meeting in November. 

Analysts predict at least two small rate cuts before the year-end.