US Jobs Data Dampens Rate Hike Expectations

The US jobs data released on Friday showed a weaker-than-expected growth of 29,000 new jobs in September, falling short of the estimated gain of 90,000. This led to a decline in expectations for an upcoming Federal Reserve interest rate hike.

Joseph Purtell, senior vice president and portfolio manager at Neuberger Berman, described the labor market as 'largely stable' but noted that the September data was not as strong as August's 162,000 surge. The revised job growth for August was down to 133,000.

The lower expectations for a rate hike contributed to a rise in major stock indexes, with the S&P 500 real estate index and Russell 2000 index experiencing gains of 0.4% and 0.9%, respectively.