Analyst: The nonfarm payrolls report cools market expectations for a Fed rate hike in October.

BlockBeats news, October 2nd, Allianz Chief Economic Advisor El-Erian stated that the US employment data has been released, and the results are surprising: only 29,000 new jobs were added in September, the unemployment rate rose to 4.2%, and hourly wage growth was only 0.1% month-over-month. In addition, the data for July and August were also revised down by about 60,000 jobs. On the supply side, the labor force participation rate rose to 61.8%, which is a more positive development. Overall, this will further reinforce the impact generated by recent speeches from Federal Reserve officials, namely that market expectations for a Fed rate hike in October are cooling. (Jinshi)