Reuters poll: US non-farm payrolls are expected to increase by 140,000 in September, and the Fed may not be in a hurry to cut interest rates
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Odaily Odaily News: On Friday, October 4, at 20:30, the United States will release the September non-farm payrolls report. This is the first report after the Federal Reserve opened the door to interest rate cuts by 50 basis points, and it is also one of the two non-farm data before the November meeting. With inflation falling, the performance of the job market has once again become the Fed's top concern. According to a Reuters survey, non-farm payrolls are expected to increase by 140,000 in September, far lower than the average monthly increase of 202,000 in the past 12 months; the unemployment rate is expected to remain unchanged at 4.2%. It turns out that in the face of the Fed's rate hikes, although the US economy has been surprisingly resilient and avoided a widely predicted recession, the job market has gradually lost momentum. From June to August, an average of only 116,000 new jobs were added each month, the lowest three-month average since mid-2020. The Federal Reserve cut interest rates by 50 basis points to a range of 4.75%-5.00% last month, the first rate cut since 2020, with the aim of alleviating growing concerns about the health of the labor market. In his speech in the early hours of October 1, Fed Chairman Powell said he did not want the job market to continue to cool. Analysts expect the Fed to cut interest rates again in November and December, but the magnitude remains uncertain. Powell said that if the economy performs as expected, there will be two more 25 basis point rate cuts this year. (Jinshi)
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