US added 29,000 jobs in September; market expectations for Federal Reserve rate hike in October cooled down

```htmlAllianz Chief Economic Advisor El-Erian stated that the US employment data was released with unexpected results: only 29,000 new jobs were added in September, the unemployment rate rose to 4.2%, and average hourly wages grew by just 0.1% month-on-month. In addition, the data for July and August was also revised down by about 60,000 jobs. On the supply side, the labor force participation rate increased to 61.8%, which is a more positive development. Overall, this will further reinforce the impact of recent Federal Reserve officials' statements, namely that market expectations for a Fed rate hike in October are cooling.```