Job growth in the U.S. turned out to be nearly three times lower than expected. What will the Fed decide?

The number of non-farm jobs in the U.S. rose by 29,000 in September — nearly three times less than the expected 84,000 and more than four times less than the revised August gain of 133,000, according to data from the U.S. Bureau of Labor Statistics (BLS).

The unemployment rate rose slightly in September compared with August’s 4.1%, reaching 4.2% last month. Employment in all major sectors remained virtually unchanged over the month, according to the BLS release.

Treasury bond yields fell after data from the Department of Labor showed that the U.S. economy added fewer jobs than expected in September. Specifically, the yield on 10-year Treasuries fell by nearly one-tenth of a percentage point, to 5.15%; yields on 2-year Treasuries, which are most sensitive to interest rate expectations, followed a similar trend, according to The Wall Street Journal.

Futures on major stock indices have surged: S&P 500 futures are up 0.8%, Nasdaq 100 futures are up 1.14%, and Dow Jones futures are up 0.8%.

This article is being updated

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