{"text":[[{"start":11.6,"text":"The US economy added just 29,000 jobs in September as hiring slowed sharply from the previous month, raising doubts over the resilience of the labour market and the outlook for interest rate rises."}],[{"start":24,"text":"Friday’s figure from the Bureau of Labor Statistics marked an abrupt reversal from the downwardly revised 133,000 jobs added in August and was well short of the 88,000 job gains anticipated in a Bloomberg poll of economists."}],[{"start":40.6,"text":"Hiring decelerated across multiple sectors, with healthcare, a big driver of job gains in previous months, slowing sharply. Employment in the financial sector continued to contract."}],[{"start":51.75,"text":"Payrolls for July and August were revised lower by a combined 60,000 positions. The July figure fell to a loss of 10,000 jobs. The unemployment rate climbed to 4.2 per cent in September from 4.1 per cent in August."}],[{"start":67.45,"text":"“Today’s soft payroll report demonstrates that the labour market is simmering, not boiling,” said Jeff Schulze, head investment strategist at Franklin Templeton."}],[{"start":null,"text":"
"}],[{"start":78,"text":"The data came as the Federal Reserve weighs whether to raise interest rates further to tackle inflation after officials voted last month to increase borrowing costs for the first time in three years."}],[{"start":91.45,"text":"Treasury yields initially dropped following the report as traders lowered their expectations of additional rate increases."}],[{"start":98.8,"text":"Adam Schickling, senior economist at Vanguard, said the report “strengthens the case for the Federal Reserve to remain patient”, adding that “the labour market has not deteriorated sharply, but there is also little evidence that it has meaningfully strengthened”."}],[{"start":114.1,"text":"The two-year Treasury yield, which moves with interest rate expectations, fell as much as 0.09 percentage points to 4.69 per cent immediately following the release of the data. It later recouped that move and sat 0.05 percentage points higher on the day at 4.84 per cent."}],[{"start":133.35,"text":"Market bets on an October rate rise fell from 29 per cent before the data was released to about 23 per cent. They had fallen sharply this week after senior central bank officials signalled that policymakers would probably need more time to consider the data before taking further action. As the Treasury sell-off resumed on Friday, traders attached a roughly 85 per cent chance to the prospect of interest rates being higher by the end of the year."}],[{"start":161.35,"text":"“For the Fed, this number should be the nail in the coffin for an October hike,” said Thomas Simons, chief US economist at Jefferies. "}],[{"start":169.1,"text":"US stocks were higher on Friday, with the S&P 500 gaining 0.7 per cent and the Nasdaq 100 climbing 1 per cent to a record closing high."}],[{"start":179.5,"text":"Fed chair Kevin Warsh had pointed to the labour market being in “good shape” as a factor behind the central bank’s decision to raise borrowing costs by 25 basis points in the face of inflation he said had been “too high . . . for too long”."}],[{"start":194.7,"text":"Traders said that while Friday’s report should cause the central bank to re-evaluate that position, they still expected the Fed to raise borrowing costs further in the coming months."}],[{"start":205.04999999999998,"text":"“Overall the data pour a little bit of cold water on the narrative that rates should be running dramatically higher,” said Gennadiy Goldberg, head of US interest rates at TD Securities."}],[{"start":225.1,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790996495_9303.mp3"}