The U.S. Economy Added 29,000 Jobs in September, Far Fewer Than Expected. Here's Why That's Good News for the Stock Market Right Now.

The U.S. added only 29,000 jobs in September, well below the expected 84,000, with unemployment rising to 4.2%. Despite weak labor data, stock markets rallied as bond yields declined following the report. The softer jobs data suggests the Fed may hold interest rates steady, providing relief to equity valuations that have been pressured by elevated bond yields throughout 2024.