US September Job Growth Accelerates, Reducing Need For Major Fed Rate Cuts

According to BlockBeats, U.S. job growth accelerated in September, diminishing the necessity for significant rate cuts by the Federal Reserve in its remaining two meetings this year. The U.S. Department of Labor's Bureau of Labor Statistics released a report on Friday indicating that non-farm payrolls increased by 254,000 in September, following an upward revision to 159,000 in August. Federal Reserve Chairman Jerome Powell recently countered investor expectations of a 50 basis point rate cut in November, stating that the committee does not feel an urgency to lower rates swiftly.