{"id":647040,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/us-september-jobs-report-beats-analyst-expectations\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"us-september-jobs-report-beats-analyst-expectations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/us-september-jobs-report-beats-analyst-expectations\/","title":{"rendered":"US September jobs report beats analyst expectations"},"content":{"rendered":"

The US economy added 254k jobs in September, coming in far above forecasts<\/strong>, with unemployment dropping to 4.1%, according to data from the Bureau of Labor Statistics<\/a> over the weekend. Unemployment also fell to 4.1% during the month, coming down from a three-year high of 4.3% in July. <\/p>\n

(Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Sector breakdown: <\/strong>Job growth in the US was led by the leisure and hospitality sectors, with nearly 70k new positions added in restaurants and bars. Healthcare also posted gains with 45k new jobs. Meanwhile manufacturing, mining, oil, retail, and other sectors remained flat for the month. <\/p>\n

\u201cSmashing\u201d expectations:<\/strong> The September data far exceeded the 140k new jobs figure cited in a Reuters<\/a> poll, with the Financial Times<\/a> saying the figures \u201csmashed\u201d expectations and led traders to reassess their expectations of the US Federal Reserve\u2019s monetary easing pace. Traders are now penciling in a smaller 25 bps reduction at the Fed\u2019s next policy meeting in November. The higher-than-expected employment growth reinforces economists\u2019 hopes that the US Federal Reserve\u2019s strategy is placing the US economy on track for a \u201csoft landing,\u201d the salmon-colored paper reported. <\/p>\n

Strong outlook for the US economy:<\/strong> \u201cYou couldn\u2019t paint a prettier picture of the job market and broader economy. If this report doesn\u2019t silence the recession fearmongers, then nothing will,\u201d the Financial Times quotes chief economist at Moody\u2019s Analytics Mark Zandi as saying. Meanwhile, senior US economist at Vanguard Josh Hirt has described the latest jobs reports as \u201ca bit of a game-changer.\u201d The boost in perceptions on the US economy is also expected to boost VP Kamala Harris\u2019 standing against Donald Trump ahead of November\u2019s presidential elections with the pair currently head-to-head in polls.<\/p>\n

Bond markets paint a different picture:<\/strong> US Treasury yields rose after the job numbers were published, with the two-year yield rising to a one-month high of 3.93%. Stocks also rallied, with S&P 500 closing up 0.9% on Friday, marking its fourth straight week of gains. Bond traders are now concerned that the higher-than-expected jobs figures are putting the US economy on track for a \u201c\u2018no landing\u2019 scenario \u2014 a situation where the US economy keeps growing, inflation reignites and the Federal Reserve has little room to cut interest rates,\u201d Bloomberg<\/a> says. The data \u201cspoiled\u201d a rally in US Treasuries that had driven yields down, with bond markets reacting to fears that the Fed\u2019s monetary easing cycle is \u201cdisconnected\u201d from the market. <\/p>\n

All eyes on inflation now:<\/strong> Queens\u2019 College, Cambridge President Mohamed El Erian told Bloomberg TV<\/a> the strong employment figures require that the Fed \u201crenew its focus\u201d on keeping inflation in check. \u201cThis is not just a solid labor market, but if you take these numbers at face value, it\u2019s a strong labor market late in the cycle,\u201d El Erian said. The Bureau of Labor Statistics is set to release its Consumer Price Index for September this Thursday, 10 October. <\/p>\n

MARKETS THIS MORNING- <\/p>\n

Asia-Pacific markets are solidly in the green in early morning trading today<\/strong>, Japan\u2019s Nikkei rising more than 2% and Hong Kong\u2019s HSI rising nearly 1%. South Korea\u2019s Kospi and Australia\u2019s ASX 200 are also in the green. Mainland China\u2019s markets are still closed for the Golden Week holiday and will reopen tomorrow. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

31,721<\/p>\n<\/td>\n

\n

+1.2% (YTD: +27.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.27<\/p>\n<\/td>\n

\n

Sell 48.41<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.29<\/p>\n<\/td>\n

\n

Sell 48.39<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,769<\/p>\n<\/td>\n

\n

-1.6% (YTD: -1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,180<\/p>\n<\/td>\n

\n

-0.4% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,406<\/p>\n<\/td>\n

\n

+0.2% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,751<\/p>\n<\/td>\n

\n

+0.9% (YTD: +21.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100 <\/strong><\/p>\n<\/td>\n

\n

8,281<\/p>\n<\/td>\n

\n

-0.02% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50 <\/strong><\/p>\n<\/td>\n

\n

4,955<\/p>\n<\/td>\n

\n

+0.7% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 78.05<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.85<\/p>\n<\/td>\n

\n

-3.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 2,667.80<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 62,501<\/p>\n<\/td>\n

\n

+1.0% (YTD: +47.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 1.2% at Thursday\u2019s close<\/strong> on turnover of EGP 3.9 bn (5.8% below the 90-day average). Regional investors were net sellers. The index is up 27.4% YTD.<\/p>\n

In the green: <\/strong>Elsewedy Electric (+19.6%), Eastern Company (+3.6%), and Egyptian Kuwaiti Holding -EGP (+3.2%).<\/p>\n

In the red: <\/strong>Credit Agricole (-1.2%), E-finance (-1.0%), and Beltone Holding (-0.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Economists see the data as evidence of a \u201csoft landing\u201d on the horizon, while bond traders worry of overheating<\/p>\n","protected":false},"author":1,"featured_media":647041,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"eeaa62f9-2dcd-4476-9b48-aff9939d2f94","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/411.jpg","photo_position":"above","homepage_title":"","full_issue_title":"US September jobs report beats analyst expectations","related_issue":[647018],"teaser":"Economists see the data as evidence of a \u201csoft landing\u201d on the horizon, while bond traders worry of overheating","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3"},"yoast_head":"\nUS September jobs report beats analyst expectations - 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