US bonds rally after weaker-than-expected jobs report shows hiring slowdown – business live
Summary
The US economy added only 29,000 jobs in September, which is much less than the 90,000 jobs expected by economists. This slower job growth and revisions showing fewer jobs created in July and August have affected wages, the US dollar, and bond yields.Key Facts
- US nonfarm payroll employment increased by 29,000 jobs in September, lower than the expected 90,000.
- July and August job numbers were revised down, showing fewer jobs created and even a loss of jobs in July.
- Wage growth slowed to 3.0% annually in September, down from 3.1% in August.
- The slowdown in jobs and wages may be linked to policy changes affecting 350,000 migrants' work authorization.
- The US dollar dropped against the Japanese yen and the British pound after the report.
- US Treasury bond prices rose, causing yields to fall from recent multi-year highs.
- Wall Street stock futures suggested a rise, reflecting less worry about future interest rate increases.
- Analysts say the weak jobs report presents a challenge for the Federal Reserve in managing inflation and employment.
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