Weaker Jobs Report Dampens Hopes of Fed Rate Hike

The US jobs report for September was weaker than expected, causing odds of a Federal Reserve rate hike to decrease further.

According to the Bureau of Labor Statistics, nonfarm payrolls increased by only 29,000 in September, well below the estimated 84,000. The unemployment rate also climbed.

The jobs report is a significant slowdown from August, and previous revisions showed 60,000 fewer jobs than initially reported.

Minneapolis Fed President Neel Kashkari noted that inflation concerns remain despite the lower-than-expected figure, stating that 'there are many different measures of inflation, but it's running at around a 3% rate.'