September job growth sharply surpasses expectations.

Monthly non-farm payroll data this morning was quite positive. September job growth totaled 254,000. This was far over the 140,000 expected. It is also the best number in eight months.

The federal funds futures market has reigned in its expectation of large rate cuts at the coming November and December FOMC meetings. The current expectation is -0.25% at both.

September 254,000

August previously estimated at 142,000, raised to 159,000

July latest estimate was 89,000, raised to 144,000

The unemployment rate dipped from 4.2% in August to 4.1% in September. The trade expected no change at 4.2%.

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