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on friday, october 4, the u.s. bureau of labor statistics released a report showing that the u.s. non-farm employment population increased by 254,000 people in september, far exceeding the expected 150,000 people. the september data was 142,000 people.

the u.s. unemployment rate recorded 4.1% in september, the lowest since june 2024 and lower than the expected 4.2%.

u.s. job growth beat all economists' expectations and posted the largest increase since march, while the unemployment rate unexpectedly fell, easing concerns about a significant deterioration in the labor market.

after the data was released, the u.s. dollar index rose by more than 60 points in the short term and is now at 102.41; u.s. stock futures rose in the short term, with nasdaq 100 index futures rising by 0.6%; spot gold fell in the short term and is now at $2,641.21 per ounce.

u.s. treasuries fell, pushing yields up 7 to 16 basis points. the two-year treasury bond yield once surged 16 basis points to 3.87%, and the 10-year treasury bond yield rose 9 basis points to 3.94%.

traders have reduced their bets on a 50 basis point rate cut by the federal reserve in november, and expect less than 100 basis points of rate cuts at the next four fed meetings.

a series of previous data showed that the u.s. labor market has cooled. for example, the non-farm unemployment rate has shown a clear upward trend in most previous reports, the ism manufacturing employment index has continued to weaken, and other indicators of employment growth have cooled. this this makes labor market-related data even surpass inflation and become the most watched economic data. policymakers and investors use this to evaluate whether it has released more signals about whether the u.s. economy can have a soft landing.

worried about the continued deterioration of the u.s. labor market, the federal reserve aggressively cut interest rates by 50 basis points in september. federal reserve chairman jerome powell said on monday that the u.s. labor market is solid but has cooled significantly over the past year.