Job gains were broadly based in September, but with average wages rising just modestly, market watchers don't expect the Fed to hike rates anytime soon. Fred Katayama reports.
A big rebound in the jobs market last month and it comes just ahead of the midterm elections in November. The US economy added 248000. Jobs and the gains for the previous two months were revised upward. Adding to optimism the jobless rate fell to five point 9%. A six year low. The gains were broadly based led by professional and business services. Retail jobs bounced back sharply because workers -- grocery chain market basket and -- strike. Construction continued its upward trend. Two weeks -- manufacturing the source of well paying jobs showed little change. And average hourly earnings figure closely watched by -- Janet Yellen grew just 2%. Economists say that's a sign the economy just isn't rebounding -- passes and previous recovery cycles. -- -- asset management portfolio manager Paul Nolte said it will allow the Fed to continue doing what has been doing. Tapering -- and this month and it isn't so strong fed won't raise rates anytime soon. For further clues on the direction of interest rates investors will be watching the next fed policy meeting at the end of this month.