The September Jobs Report released Friday morning stunned Fox Business anchor Maria Bartiromo and her Mornings With Maria panelists for coming in much hotter than expected. According to the Bureau of Labor Statistics, job growth in September saw 254,000 additional non-farm jobs, which decreased the unemployment rate to a near-record 4.1 percent. This was way above the moderate forecast expectations of only 140,000 new non-farm jobs and an unemployment rate of 4.2%.
So why are markets rallying? Because good news is once again, good news as opposed to bad news being good news because it leads to a Federal Reserve interest rate cut. This report is, basically, abating concerns that the labor market is deteriorating.
With the state of the economy being a top political issue in the presidential election just over a month away, this jobs report comes as very good news for the Harris-Walz campaign, though inflation remains a sticking point for many Americans still struggling with high prices.
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