Futures surged on a robust jobs report that saw nonfarm payrolls jump to 110,000 in September. In addition, the horrendous 4,000 payroll decline that stung the markets in last month was actually revised to an increase of 89,000. The unemployment rate was up 0.1% to 4.7%, and average hourly earnings increased 0.4%. Economists had forecasted an increase in payrolls of 100,000 in September, a 4.7% unemployment rate, and a 0.3% increase in hourly wages. Though most of the numbers do decrease the chances of another Fed ease, the report did include a downward benchmark revision to March 2006 - March 2007 jobs growth. The revisions said that employment was 297,000 less than previously reported. This shows productivity was greater than originally perceived, implying the economy can still grow faster with less inflation issues. Overall, the number should give a boost to the markets and help continue the positive momentum. "If the foundation of employment is still underneath us, then we have a good chance of nursing the expansion into the new year," said Carl Tannenbaum, chief economist at LaSalle Bank in Chicago, right before the report.
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