US September payrolls rise just 29,000; Fed hike odds ease as stocks climb
US nonfarm payrolls rose only 29,000 in September, far below a Reuters poll forecast of 90,000, and August was revised down to a gain of 133,000. Markets cut October Fed hike odds to about 21% from about 26%, while major US indexes closed higher and oil fell, Reuters reported on 2 October.
US employers added far fewer jobs than expected in September, cooling bets on another Federal Reserve rate increase this month even as equities rose and bond yields reversed an early decline, Reuters reported on Friday, 2 October.
Soft payrolls, cooler hike odds
Nonfarm payrolls rose 29,000 in September versus a Reuters poll forecast of about 90,000. August was revised down to a gain of 133,000 from a previously higher print. After the data, LSEG pricing put odds of a Fed hike in October near 21%, down from about 26%; December hike odds also fell. The Fed raised rates in September for the first time since 2023.
Markets: stocks up, yields higher, oil down
The Dow rose 0.34% to 51,097.30, the S&P 500 gained 0.68% to 7,718.26, and the Nasdaq climbed 1.14% to 27,177.77. The 10-year US Treasury yield was last up 2.18 basis points at 5.256%, and the 2-year yield rose 3.35 bp to 4.821%, after reversing an early fall. The dollar softened; the euro stood near $1.1255 and USD/JPY near 157.76. WTI crude fell 2.15% to $90.83 a barrel and Brent dropped 0.92% to $101.37.
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