US Jobs Report Sends Mixed Signals Ahead of Fed Meeting
The US labor market report for September revealed fewer jobs added than expected, which strengthened expectations that the Federal Reserve may keep interest rates unchanged in October.
According to the data, employers added only 29,000 jobs, falling short of the estimated 84,000 increase predicted by economists. The unemployment rate rose to 4.2%, while the labor force participation rate edged up to 61.8%.
The report also included significant downward revisions to previous months' employment data, with July payroll growth revised from an initial increase of 21,000 to a decline of 10,000, and August growth revised from 162,000 to 133,000.
The weak jobs report had a mixed impact on financial markets. Gold prices initially rose but later fell as a stronger dollar and elevated Treasury yields outweighed the earlier support. US gold futures settled 0.59% lower at $4,177.50 an ounce.