Payrolls Smash Forecasts, Propelling Dollar Higher
The US job creation engine snapped back into high gear in September, crushing odds on a second outsized rate cut at the Federal Reserve’s November meeting. According to data just released by the Bureau of Labor Statistics, 254,000 jobs were added in the month, topping the 150,000 consensus forecast, and revisions to the July and August prints saw them rise by a combined 72,000 positions. Wage gains remained remarkably strong, pointing to an improvement in worker bargaining power. Average hourly earnings climbed 0.4 percent month-over-month, down slightly from 0.5 percent in the prior month, and were up 4 percent year-over-year....