Blowout Payrolls: Sept 254K Jobs Soar Above Highest Estimate, Unemployment Rate Drops And Wages Spike

It turns out that Powell's "emergency" 50bps rate cut was - drumroll - another major policy mistake by the Fed.

Moments ago, the BLS reported that at a time when prevailing consensus was for jobs to continue their recent downward slide sparked by the near-record annual jobs revision and several months of downbeat jobs reports, in September the US unexpectedly added a whopping 254K jobs, the biggest monthly increase since March, higher than the average monthly gain of 203,000 over the prior 12 months.