Jobs Report Absolutely Smashes Expectations

The highly anticipated September jobs report is out, and it shows employers added 336,000 jobs last month, blowing expectations out of the water. It's the biggest gain since January. The Wall Street Journal reports that economists were anticipating a gain of 170,000 jobs. The unemployment rate held at 3.8%. Ahead of the report's release, CNBC called it "a major test for Wall Street, which has been on edge all week about a surprisingly resilient labor picture." It noted that should the number come in well above 170,000 new jobs, it could hit as a "good-news-is-bad-news jolt to an already reeling market."

Quincy Krosby, chief global strategist at LPL Financial explained: "The market views all components of the report via the eyes of the Fed. Clearly the market is hoping for a headline number that reinforces a labor market that has slowed but remains resilient." Dow futures dropped 200 points on the news. The AP reports August's number was revised higher to 227,000 jobs, putting the 3-month average at 266,000 jobs a month.

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