The Labor Department’s non-farm payrolls report for September released Friday showed that the economy added 263,000 jobs during the month, more than the expected 250,000 additions. The jobless rate, based on the household survey, ticked down from 3.7% to 3.5%.After starting the week on a markedly upbeat note and rallying further on Tuesday, the market showed indecision in the subsequent two sessions. The more-than-expected job growth spooked the market on Friday, as traders began factoring in another string of aggressive rate hikes.What Happened: The September jobs report was generally in line, although within a broader context that the labor market wasn’t still softening enough for the Fed to pause the aggressive rate hikes, BlackRock bond market chief Rick Rieder said while offering his thoughts on the jobs data.The Fed has clarified its thinking that for inflation to reduce from the current excessively high levels, economic and employment demand may have to decline, he added.The U.S. job market has continued to “chug along” despite the intense pressure witnessed in the U.K. rate and currency markets, he said. Rieder noted that the Fed has raised the fed funds rate at the fastest pace in history, in this tightening cycle, with three straight…
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Investment Exec Jokes Fed May Need To Ban Resume Software (LinkedIn?) To Slow Jobs Growth …
