A blowout US jobs report on Friday sent the dollar higher and cast a pall over stocks and bonds as the data increased fears that interest rates will stay elevated for longer and stirred concerns the post-pandemic economy is in a new era.
Nonfarm payrolls increased by 336,000 jobs last month, the Department of Labor said, while data for August was revised higher to show 227,000 jobs were added instead of the previously reported 187,000.
September’s number was almost double the 170,000 forecast of economists polled by Reuters and shocked markets as they tried to understand whether a stronger-than-expected economy was really slowing and what it will now take to curb inflation.
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