Will the strong September jobs report force the Fed to raise the funds rate at its November meeting?
There was a blowout in the September jobs report, with nonfarm payrolls increasing by 336,000, about double the consensus of 170,000 and well above the previous three-month average gain of 150,000. Furthermore, the last two months were revised upward by 119,000, and the gains were broad-based. The unemployment report held steady at 3.8%.