• The latest snapshot of the US labor market showed an unexpected rebound of 119,000 jobs in September but a loss for August and a lower total for July. The report was originally scheduled for October 3 but released today after a seven-week delay due to the government shutdown.
• It comes as earnings reports from some of America’s major companies flash warning signs about the US economy, with consumers and businesses becoming more cautious about their spending.
• The September report has taken on increased significance since it will be the only snapshot of the labor market that the Federal Reserve will have in hand to assess the state of the economy when policymakers meet on December 9-10.
• Today’s data was expected to show that the unemployment rate held at 4.3% and that around 50,000 jobs were added, a far cry from last September, when the US economy added 240,000 jobs.
US stocks surged higher Thursday as Nvidia’s strong earnings helped investors breathe a sigh of relief that the outlook for the AI boom remains intact.
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