US economy adds just 29,000 jobs in September as hiring slows sharply
Figure prompts traders to rein in bets on further Fed rate rises
Source: Financial Times
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DW NOTE
The Fed raised rates into a slowdown last month — the first hike of the cycle — and hiring promptly collapsed from 142,000 in August to 29,000 in September. The Hormuz closure entered its eighth month in this print, oil cratered 19% from its peak despite the supply shock, and bond markets are now pricing out further tightening. Powell tightened into a geopolitical supply crisis with inflation already cooling. The question is whether he reverses in October or waits for the revision that shows this was negative.