While it’s always important not to over-react to one single data release, we’ll make an exception in this case. The chances of a rate hike by the Fed this year just went way down. Payroll employment increased by a much weaker than expected 142,000 in September (consensus forecast was 200,000), which could be a one-off, except that August’s gain was also revised down from 173,000 to only 136,000.
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