US economy added 254k jobs in September, well above expectations

U.S. job growth surged in September with 254,000 jobs added, exceeding expectations of 140,000. The unemployment rate slightly fell to 4.1%. Notable increases in food and drinking establishments and overall higher earnings were reported, with average hourly wages rising to $35.36.

FED policymakers cut interest rates for the first time in four years, prompting a decrease in the likelihood of additional cuts. The long-term unemployed remained stable at 1.6 million, making up 23.7% of the jobless. Chris Larkin from E*Trade stated, "the jobs market...doesn't appear to be anywhere near the edge."