USA Today

The strong report put to rest ideas the Federal Reserve may continue aggressively lowering rates to keep the labor market afloat after a sluggish summer of hiring, economists said. The Fed lowered its benchmark fed funds rate last month for the first time in more than four years by a half percentage point, or 50 basis points, to a range of 4.75% to 5% from a 23-year high of 5.25% to 5.5%. It also penciled in shaving another half point by year-end.

“Don’t even talk about a 50-basis point cut in November; it’s not on the table,” said Tim McDonough, Key Wealth senior portfolio manager. “Blowout numbers for September jobs data … (are) further evidence that the economy is humming along stronger than expected.”