The leg may have been off the accelerator, but it is on it once again – September's Nonfarm Payrolls shocked to the upside with a whopping gain of 336
The US economy has gained 336,000 jobs in September, nearly double the expectations. Federal Reserve hawks have ample ammunition for resisting looser policy. US Dollar is set to prevail through next week's inflation report. ,000. They provide enough fuel for the Federal Reserve to keep its rates higher for longer – and perhaps even a rate hike just after Halloween. September's employment reportboosts the US Dollar. Any meaningful recovery in Gold and stocks will have to wait.
To fulfill its full employment mandate, the bank looks at other labor-related figures. This week's Initial Jobless Claims remained depressed near 200,000, and the JOLTSJob Openings report for August shocked markets by surging again toward the 10 million mark. These figures add to the bullish picture of the labor market. The bank's other mandate is price stability –killing inflation. On this front, the increase of only 0.2% MoM in Average Hourly Earnings – and 4.2% YoY – is good news.
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