Well, that was unexpected. The U.S.
economy added a whopping 254,000 jobs in September, nearly 100,000 more than economists expected. The unemployment rate, which was expected to hold steady at 4.2%, slipped to 4.
1%. Wages also rose more than expected month over month. Stock futures rallied following the news.
Dow Jones Industrial Average futures popped 255 points, or 0.6%. S & P 500 futures were up 0.
8%, and Nasdaq-100 futures soared 1.3%. The S & P 500 was headed for a weekly decline before the report and may now finish the week in the green.
Many on the Street cheered the report, as points to a strong economy at a time when the Federal Reserve is easing monetary policy: Sonu Varghese, global macro strategist at Carson Group: "This was a very encouraging payroll report. ..
. The fact that inflation is easing at the same time means productivity growth is strong, and that should keep the Fed on track for more rate cuts – an added tailwind for the economy and markets." Glen Smith, chief investment officer at GDS Wealth Management: "The stock market has been living up to October's reputation of increased volatility, and we expect this choppiness to continue for the next few weeks as the market starts to navigate the uncertainty surrounding the election, the Federal Reserve's next move and corporate earnings reports.
" Lindsay Rosner, head of multi-sector investing at Goldman Sachs Asset Management: "Today's data hit a grand slam with payrolls coming in strong, positive revision.