CNBC reports that the upward revisions from previous months coupled with the September report eases concerns about the US labour market weakening. On the other hand, it may lead to the Federal Reserve reverting to a more gradual pace of interest rate reductions.
The initial jobs report for the month of September released on Oct 4 caused the 10-year Treasury yield to move higher, to 3.967% while the 2-year Treasury yield rebounded to 3.87%. The yield curve remains normal.
It appears that the US economy remains on a firm footing. The September jobs report was better than expected. Nonfarm payrolls rose by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast, according to a CNBC report. The unemployment rate fell to 4.1%, down 0.1 percentage point m-o-m. August’s total was revised up by 17,000 while July saw an addition of 55,000, taking the monthly growth up to 144,000.
