Institution: September nonfarm payroll data supports the Federal Reserve in pausing rate hikes.

BlockBeats news, October 2 - Brian Jacobsen, Chief Economic Strategist at Annex Wealth Management, stated that the U.S. job market is not as strong as initially thought. July's data was revised down to negative growth, and although August saw a decent rebound, the momentum came to an abrupt halt in September, with only 29,000 jobs added. The employment diffusion index fell back below 50.

Federal Reserve Chairman Warsh had previously been concerned about the breadth of inflation, but now he will have to consider the lack of breadth in the job market. This data supports pausing rate hikes in October. (Jinshi)